New Yorkers for Lawsuit Reform Applauds Assemblyman Ortiz for Introducing Bill to Limit Attorney Compensation
Bill Would Give More Money to Victims and Less to Attorneys; Could Help With September 11 Settlements
ALBANY, NY (04/15/2010)(readMedia)-- New Yorkers for Lawsuit Review (NYLR), a diverse coalition of hard working New York businesspeople, health care professionals, farmers and consumers, applauds Assemblyman Felix Ortiz' newly introduced legislation (A.10695) which would set new fee schedules for personal injury trial lawyers depending on the size of the judgment.
The sliding scale fee schedule proposed by Assemblyman Diaz is as follows:
30 percent of the first $250,000 of the sum recovered
25 percent of the next $250,000 of the sum recovered
20 percent of the next $500,000 of the sum recovered
15 percent of the next $250,000 of the sum recovered
10 percent of any amount over $1,250,000 of the sum recovered
The larger the judgment, the more the injured person gets to keep. Gravely injured plaintiffs deserve the money they need to compensate them for their injuries and pay for their medical expenses and care. More of this money should go to victims, rather than person injury trial lawyers.
The new fee schedule will serve to get more money to victims and reduce the personal injury trial lawyer's percentage to be more in line with the compensation he or she might receive in a medical malpractice case. If such a law were in effect today, it would likely serve to expedite the September 11 claims brought against the City by the families of victims and heroes who were killed. The initial settlement, which would have given more than $200 million to personal injury trial lawyers, was rejected by a Federal Court judge last month.
"This is an important step for New York State as we try to get settlement dollars to the people who need them the most, the victims and their families," said Mike Elmendorf, NYLR vice-chair and state director of the National Federation of Independent Business (NFIB). "At the same time, this legislation will help our state move towards a lawsuit system that will fairly compensate injured persons, improve health care and help create jobs and economic development."
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New Yorkers for Lawsuit Reform (NYLR) is a statewide coalition comprised of hard working New York employers, health care professionals, farmers and consumers.
For more information, please visit: www.nylawsuitreform.org