In an aggregate settlement, usually of a mass tort claim, a defendant agrees to pay a specific dollar amount to be divided up by the lawyer among her multiple clients which may number in the hundreds and even thousands.
What is aggregate sentencing?
Original Sentence: The sentence comes from the original conviction. It is from this sentence that the board paroles the inmate and the parolee serves the remaining time in the community unless recommitted by the board. Aggregate Sentence: Two or more consecutive sentences that have been combined.
What is aggregate transaction?
What is an aggregated transaction? “Aggregated” transactions, on the other hand, involve multiple transactions ALL of which are 1) below the reporting requirements ($10,000); AND, 2) where at least one of the transactions was a teller transaction; AND, 3) the bank did not identify any of the individuals conducting the related transactions.
What are aggregate loans?
When you hear the term aggregate loans, it means the grand total of all your outstanding loan obligations. The term aggregate loans can be used to describe a number of scenarios. It can mean total loans to one borrower in a single financial institution. It can denote all loans to an individual across several financial institutions.
Is aggregate demand a specific dollar amount?
No, aggregate demand refers to the quantity demanded of Real GDP at different price levels. Aggregate demand is not a specific dollar amount. It is a schedule that shows the Real GDP that people are willing to buy at different price levels. What is Aggregate Demand?
What does aggregate settlement mean?
An aggregate settlement is one in which individual plaintiffs, not a part of a class, all have their claims settled at the same time. These types of situations often occur when there has been a mass tort, or a putative defendant has allegedly wronged a large group of individuals in a similar way.
What does it mean to be entitled to a settlement?
If you have been injured due to someone else's wrongdoing, you have the right to pursue compensation. These funds can cover the medical bills, lost wages and pain and suffering that you have suffered due to your injuries.
How do you ask for more money in a settlement?
Send a Detailed Demand Letter to the Insurance Company Because the insurance company will likely reply with an offer for an amount lower than what you've asked for in the demand letter, you should ask for between 25 and 100 percent more than what you would be willing to settle for.
What is the highest paid lawsuit?
1. Tobacco settlements for $206 billion [The Largest Ever] In 1998, Philip Morris, RJ Reynolds, and two other tobacco companies agreed to a $206 billion settlement, at a minimum, covering medical costs for smoking-related illnesses.
How do settlements work?
A settlement agreement works by the parties coming to terms on a resolution of the case. The parties agree on exactly what the outcome is going to be. They put the agreement in writing, and both parties sign it. Then, the settlement agreement has the same effect as though the jury decided the case with that outcome.
Should I accept a settlement agreement?
In my experience it is generally not a good idea to reject the offer of a settlement agreement without even trying to negotiate the terms first – unless you make a counter-offer you won't know whether what you want to negotiate is achievable. Almost always try and negotiate the terms first.
What is the purpose of a settlement agreement?
A settlement agreement is a type of legal contract that helps to resolve disputes among parties by coming to a mutual agreement on the terms. Primarily used in civil law matters, the settlement agreement acts as a legally binding contract. Both parties agree to the judgment's outcome in advance.
What is the usual result of a settlement?
After a case is settled, meaning that the case did not go to trial, the attorneys receive the settlement funds, prepare a final closing statement, and give the money to their clients. Once the attorney gets the settlement check, the clients will also receive their balance check.
What is aggregate settlement payment?
Aggregate Settlement Payment means the total amount that shall be paid to Settling Plaintiffs as a group pursuant to Article VI, which amount shall comprise the sum of the several and not joint payment obligations of each of the Settling Defendants pursuant to the Defendants’ Allocation and which amount should equal $4,300.000 (four million three hundred thousand dollars) provided that all Plaintiffs and other entities identified on the attached Exhibit A become and remain Settling Plaintiffs and all Settling Defendants become and remain Settling Defendants.
What is gross settlement amount?
Gross Settlement Amount means the sum of two hundred twenty-five thousand dollars ($225,000), contributed to the Qualified Settlement Fund in accordance with Article 5. The Gross Settlement Amount shall be the full and sole monetary payment to the Settlement Class, Plaintiffs, and Class Counsel made on behalf of the Cornell Defendants in connection with the Settlement effectuated through this Settlement Agreement. The Cornell Defendants and their insurers will make no additional payment in connection with the Settlement of the Class Action.
What is disruption cash settlement price?
Disruption Cash Settlement Price means, in respect of each principal amount of Notes equal to the Calculation Amount, an amount equal to the fair market value of the relevant Note (but not taking into account any interest accrued on such Note and paid pursuant to Conditions 5 and 19) on such day as shall be selected by the Issuer in its sole and absolute discretion provided that such day is not more than 15 days before the date on which the Election Notice is given as provided above adjusted to take account fully for any losses, expenses and costs to the Hedging Entity of unwinding or adjusting any related hedging arrangements in respect of the Note, all as calculated by the Calculation Agent in its sole and absolute discretion.
What is agent payment account?
Agent Payment Account means account no. 5000000030266 of Agent at Wachovia Bank, National Association, or such other account of Agent as Agent may from time to time designate to Administrative Borrower as the Agent Payment Account for purposes of this Agreement and the other Financing Agreements.
What is structured settlement payment rights?
Structured settlement payment rights means rights to receive periodic payments under a structured settlement , whether from the structured settlement obligor or the annuity issuer, where:
What is settlement price?
Settlement Price means, in respect of the relevant ETD Contract, the daily settlement price or the final settlement price (as the case may be, and however described by the relevant Exchange) of such ETD Contract, as published or otherwise made available by the relevant Exchange.
What is contract adjustment payment?
Contract Adjustment Payments means the payments payable by the Company on the Payment Dates in respect of each Purchase Contract, at a rate per year of [ ]% of the Stated Amount per Purchase Contract.
What happens when you agree to an aggregate settlement?
Once an aggregate settlement agreement is reached, both defense and plaintiffs counsel should reconsider any intention they may have of conducting their own allocations. For the defendant involved in mass litigation, being pinned to an individual settlement may cause future claimants to treat the settlement amount as a floor in subsequent negotiations. For the plaintiffs lawyer, the job of allocating settlement funds is more problematic. Inherent in any aggregate settlement of claims is the concern that the individual plaintiff’s claim will not receive a fair allocation.
What is the aggregate settlement rule?
In aggregate settlements, where two or more clients are represented by the same counsel together to resolve their claims, a settlement offer triggers Rule 1.8 (g) of the American Bar Association Model Rules of Professional Conduct. Termed the “aggregate settlement rule,” it applies in all jurisdictions of the United States either by state adoption of the Model Rules or through a state ethical rule. Under Rule 1.8 (g) there are five key areas of responsibility for the lawyer:
What is the role of a lawyer in a settlement agreement?
Under Rule 1.8 (g) there are five key areas of responsibility for the lawyer: The lawyer must advise each client of the total amount or result of the settlement agreement. The lawyer must advise each client of the amount and nature of every client’s participation in the settlement agreement.
What is the primary goal of a corporate defendant faced with a multitude of claims against them?
The primary goal of a corporate defendant faced with a multitude of claims against them is global resolution . One method defendants use to pave the way toward this goal during negotiations is to require that plaintiffs counsel agree to forgo further litigation against the corporation. Forbearance is secured through the use of an engagement agreement, which makes the corporation the plaintiffs attorney’s new “client.” Rule 1.7 of the Model Rules of Professional Conduct (MRPC) then prohibits representation due to the concurrent conflict of interest.
What is aggregate adjustment?
The aggregate adjustment is typically a credit provided to the buyer on the settlement statement, which means the amount collected exceeded what was allowed pursuant to the above regulation.
What is the real estate settlement procedure act?
The Real Estate Settlement Procedures Act (Regulation X) protects consumers when they apply for and have a mortgage loan. Section 1024.17, entitled “Escrow Accounts” limits payments to escrow accounts upon creation.
