NYC "Racist" Teacher Exam Settlements | Settlement Planning Issue
How a $2M Settlement Can Be Reduced to a Fraction
"Grim Reaper"?
Herman Grim is a 64-year-old black man from Queens in New York City, and he also happens to be rich, accordfing a news report, after scoring $2 million from the City of New York after he failed a mandatory teacher’s test over and over again — a test that the court determined was racist. [see NYC bias suit: Black, Hispanic teachers and ex-teachers rich (nypost.com).
Regardless of how readers may personally feel about the situation or the mischaracterization that Grim is going to reap millions and "be rich", I'm saying "it ain't so". Here's why. Because Grim's attorney fees must be paid and further that the damages payable to Grim are taxable, Grim won't be reaping much of that without advance settlement planning. Without such advanced settlement planning he will likely net less than $1M after taking into account legal fees, which should be deductible if damages that the payment represents, falls under the "unlawful discrimination" category (see Wood link below), and taxes.
New York City Alleged "Racist" Mandatory Teacher Test Settlement Involves 5.200 Black and Hispanic Teachers
and Those Who Aspired to Be Teachers
Around 5,200 black and Hispanic teachers and once-time-aspiring teachers who took the test during a 30-year span received over $1.8 billion in judgments in their federal discrimination lawsuit, according to the New York Post which reported "“As of Friday, 225 people who failed the Liberal Arts and Sciences Test used for teacher licensing from 1994 to 2014 had already been notified they’re getting settlements of at least $1 million, according to an analysis of Manhattan federal court records,” the Post report reads. “Court rulings found the exam violated civil-rights laws, allowing far more white candidates to pass.”
Because Grim failed the test so many times, he ended up getting the biggest payout of them all — $2,055,383 said The Post. But again that's not what Grim Reaps.
Following are links to what may be some helpful reads.
Feel free to contact us at 888-325-8640
Employment Structured Settlements | NY|CT|NJ| Nationwide 888-325-8640 (4structures.com)
What are Non Qualified Structured Settlements and Non Qualified Assignments for Tax Deferral (4structures.com)
What is Settlement Planning? Settlement Advisors and Transitional Financial Planning NY|NYC|CT|NJ (4structures.com)
Civil Rights Fee Deduction Cuts Tax on Settlements - 03/02/2020 (woodllp.com)
New York Teacher Certification and Licensing Guide 2023 (teachercertificationdegrees.com)
Become a Teacher in New York
4structures.com, LLC
The Structured Settlements and Settlement Planning Company
43 Harbor Drive, #309 Stamford, CT 06902 USA
888-325-8640
646-849-1588
New York City (Manhattan, Bronx, Brooklyn, Queens, Staten Island), Westchester(NY), Nassau County (NY) , Suffolk County on Long Island (NY), Albany County (NY), Oswego County (NY), Steuben County (NY), Broome County (NY), Onondaga County (NY), Monroe County (NY), Fairfield County (CT), New Haven County (CT), Hartford County (CT) New London County (CT), Tolland County (CT), Litchfield (CT), Middlesex (CT) , Bergen County (NJ), Middlesex County (NJ), Ocean County (NJ)
Structured Settlement Experts and Settlement Planning Consultants for settlements from claims or lawsuits arising out of Aviation accidents, Medical Malpractice, settlements involving Serious Personal Injury, Wrongful Death, Wrongful Incarceration, Employment, Civil Rights, Discrimination of any type, Auto accidents, Motorcycle accidents, Maritime accidents, Workers' Compensation, Product Liability, Real Estate Liability, Construction Defect claims or lawsuits, Landlord/Tenant,
Property, Attorney Fee Deferrals, Funding Agreements, Structured Installment Sales, Environmental Liability and Commercial Dispute settlements.
Structured settlements and structured settlement brokerage, settlement planning, Sudden Money®, financial transitionist, funding agreements and insurance related services provided by 4structures.com LLC.
Financial Advisory Services provided through Groove Financial Advisors , LLC, and its service partners.
Fiduciary services, including the custody and administration of trusts provided via service partners.
Securities and Insurance Products are NOT Insured by the FDIC, nor by any other Federal or State Government Agency, are NOT a Deposit of and are NOT Guaranteed by a Bank or any Bank Affiliate, and securities MAY lose value.
4structures (USPTO Reg. 4640532) , 4structures.com (USPTO Reg. 4640531) , We Know Structured Settlements (USPTO Reg. 3089738),
Because Certain Sells (USPTO Reg. 6237309) and We Know Structured Sales (USPTO Reg. 3490489), are Registered Trademarks of 4structures.com LLC.
John Darer is a Registered Trademark of John Darer (USPTO Reg. 4674907)
John Darer California insurance license 0761076
4structures.com LLC CA license OF19785 d/b/a 4structures Settlement Insurance Agency
Copyright ©2024 4structures.com LLC
All rights reserved.
