In a ruling with multi-million dollar consequences for tort claims involving catastrophic injuries, the New York's high court yesterday resolved two key structured judgment issues in favor of plaintiffs. The court held that annuity payments for future damages must be based on their full future value. Secondly the court ruled that the statutory 4 percent increment that must be added to a future damage award for each year of the payment period must also be added to attorneys' fees.
July 02, 1999 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
ALBANY — In a ruling with multi-million dollar consequences for tort claims involving catastrophic injuries, the Court of Appeals yesterday resolved two key structured judgment issues in favor of plaintiffs.
Under CPLR 50-A and 50-B, which require that future damages exceeding $250,000 be paid in periodic installments, the Court held that annuity payments for future damages must be based on their full future value rather than on an amount discounted to present value.
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