Product liability lawsuits often result in settlements. But how do you know what you will receive? So many factors go into a product liability settlement. They make each case unique and difficult to compare to others. Because of this, there is no “average” settlement for a product liability case.
These factors could affect the amount of money you may recover:
- Whether you plan to pursue compensation through a lawsuit or a class action. Usually, the settlement in a class action is divided among the members of the class. This can mean less compensation is available for each member.
- The severity of your injuries. The more severe your injuries are, the higher value your case likely has as severe injuries result not only in increased expenses, but also impact how your non-economic damages are calculated. Non-economic damage figures are generally calculated by taking the total amount of economic costs and multiplying it by a number between 1.5 and 5. The more severe your injuries are, the higher the multiplier that is used.
- The amount of insurance the liable party has. Insurance is how the vast majority of product liability settlements and awards are paid. While it is possible to sue an uninsured entity, collecting the settlement will be an entirely different matter as the entity likely does not have the money to pay your compensation.