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Practice Tip: Calculating Structured Judgments
Historically, a defendant would become obligated to pay the full amount of a personal injury judgment in a lump sum as soon as the judgment was entered. In 1985, New York enacted a Periodic Payment of Judgments Act as part of the State's effort at tort reform. At first, it only applied to medical malpractice actions and required verdicts over $250,000 to be paid over a period of years. A year later, New York applied the rule to personal injury and wrongful death cases.
Since then, about half of the states have enacted similar statutes. These statutes provide for the periodic payment of future damages rather than having the defendant pay them in a lump sum. New York's structured judgment statute has been said to be “circuitous,” “vexing,” “a judge's nightmare” and “mind-numbing.” But now, with this Practice Tip, you will be armed with the ability to estimate the value of settlement proposals in the face of taking a verdict.
Structured Judgments
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