Is It The Settlement or An Award?
Why Being Awarded a Structured Settlement is Impossible
A Structured Settlement Is a Compromise Not An Award
A structured settlement is a compromise, not an award. Settlements are the result of negotiations. There is give and take which results in a compromise. Structured settlements may be part of the compromise as a core personal injury settlement planning tool. The settlement negotiations may take place in a mediation center, in a judge's chambers at a courthouse, hotel conference room, in a lawyer's office, over the phone or some combination thereof.
What is an Award?
An award is a determination of liability and damages by a judge or jury after trial
"An award is defined as a final judgment or decision. Generally, an award will include a declaration that one party owes another a certain amount of money. Although the term often refers to the decisions of arbitrators and juries, it can also refer to the decisions of judges See e.g., Dolan v. United States, 130 S.Ct. 2533 (2010)" Source: Legal Information Institute Cornell Law School
An arbitration award is a determination on the merits by an arbitration tribunal in an arbitration, and is analogous to a judgment in a court of law. It is referred to as an 'award' even where all of the claimant's claims fail (and thus no money needs to be paid by either party), or the award is of a non-monetary nature. or by arbitrator following binding arbitration of damages.
Another example of an award, is when you got a star from your 1st grade teacher for a great homework assignment. The latter example of course is inserted for a sprinkle of humor.
In New York, an award is entered as a judgment under CPLR Articles 50 A or 50B, after set offs. Structured judgments are mandated where the future damages exceeds certain thresholds. Structured judgments are funded with the same type of annuity as a structured settlement, however a structured judgment is not a structured settlement.
What is a "Settlement Award"?
No such thing as a settlement award. Either a or b, but not a+b. The pairing of the words creates an inapposite.
Strangely enough, judging by their websites and those that are hired to provide them with leads, many companies and people in the structured settlement secondary market are confused and in their confusion they publish "awarded a structured settlement" as a false narrative.
Last updated September 18, 2023
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