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Post by ceharv on Apr 20, 2005 21:46:08 GMT -5
if it's true the insurance company settled this case, with no $ from SBU, that signals this was not for big $. This was a fuzzy case at best, no way an insurer is going to put up big bucks this early - they'd stretch it out rather than pay now. The only reason they'd pay now is if it was at their price - a bargain. A plaintiff (without serious physical injuries) has to be able to wait out the insurer to get top $.
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Post by bva on Apr 20, 2005 23:04:19 GMT -5
Wouldn't 10% of $21 million be a relative bargain?
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Post by ceharv on Apr 21, 2005 13:11:39 GMT -5
bva - insurers value the case on their own analysis of potential liability and damages - in this kind of case, they'd ignore the "demand" of the plaintiff - if that's where the $21M comes from - plaintiffs can ask for anything in NY - the number is usually good only for shock value for the media - insurers ignore that and evaluate on their own - the only way you'd get 7 figures in a defamation case in WNY is if you ruined someone's career, eg - falsely accusing a coach, teacher, etc of sexual abuse or something like that - even then, it'd be an extremely rare case to get that kind of $ in a settlement early in the case - and JVBK's case was nowhere near that level - I'd be shocked if this settlement was anywhere near $1M.
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