by John Darer CLU ChFC MSSC CeFT RSP CLTC
One of this morning's Google queries was "using structured settlements to calculate NY 50b cases" so I thought I better "come to the rescue". Here are some salient points:
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In New York, CPLR 50B*, and its companion CPLR 50A", are statutes that require a structured judgment NOT a structured settlement for certain types of cases.
- Any practitioner who implies that one can simply use a structured settlement "to calculate NY 50B cases" demonstrates characteristics of inexperience.
- The post trial calculations required to reduce a verdict to a structured judgment under CPLR 50B are complex and require significantly more knowledge by the settlement professional than simply running an annuity quote.
- The numbers within a CPLR 50B calculation are fluid. There is an interplay of multiple factors, a change in one of which has a concomitant effect on others.
- Generally the annuity rates for structured settlements and structured judgments are the same, BUT it is NOT ALWAYS THE CASE.
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Knowledge of 50B may be useful prior to trial or at mediation for hypotheticals. But again, the calculations for a structured judgment under CPLR 50B are complex and require significantly more knowledge by the settlement professional than simply running a structured annuity quote.
Don't be embarassed in Court or at the negotiating table. Stick with experience when it comes to CPLR Article 50B.
Footnote
*New York's Periodic Payment of Judgment statutes.
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