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Editor: Daniel J. Alvarez, J.D.
Profession: Settlement Planner, Millennium Settlements

Category: Case Law Updates

The plaintiffs settled a medical malpractice case for a cash payment of $265,000 and a structured settlement ($3,000 monthly payable for life with a 20 year guarantee). The insurance company represented the total present value of the settlement to be $940,180.

The plaintiffs later discovered the child had been age rated to age 54. The structured settlement actual only cost the defendants $410,000.

The Lyons family sued the defendants for fraud and the plaintiff attorney for malpractice. The plaintiffs sought a recovery against their attorney for overpayment of fees due to the actual cost of the annuity and the failure to make a correct determination of the settlement value.

The attorneys settled the legal malpractice claim for an undisclosed amount.

MMIA used the defense that the plaintiffs are not entitled to rely on the represented present value of the package, because they could have and should have independently determined the value for themselves.