When you purchase, rent, or use a product, you expect it to be safe for its intended use. While it may not completely surprise you if the product breaks while you use it, it would come as a surprise if the product malfunctions in such a way as to cause you harm. If you sustain an injury while using a defective product, the law may entitle you to compensation through a defective product lawsuit.
The purpose of product liability lawsuit settlements is to compensate injured parties for the losses they sustain because of their injuries. If a product liability lawsuit is successful, the money should be enough to cover the cost of medical expenses, lost wages, physical therapy, and other damages. However, product liability lawsuits are complex, as multiple parties may assume various levels of fault for the defect.
Even if you, as a plaintiff, have a strong personal injury case, a good attorney-client relationship, and sound legal advice, it may take you years to recover any amount of financial compensation. In the meantime, you may be unable to work. Moreover, your medical bills and living expenses can continue to pile up, pushing you further into the red, and possibly into debt. As you fall further behind, you may be tempted to accept the first settlement offer you receive, even if it is significantly lower than what you deserve.
Before you make any hasty decisions, look into product liability lawsuit funding. At NY Legal Funding, we specialize in pre-settlement legal funding, which grants injured parties the cash they need to get their lives back on track while their cases pend.
According to the National Safety Council, 2020 saw nearly 11 million emergency department visits for injuries resulting from defective consumer products. While this may seem like a lot, consumer product injuries have been on the decline since 2019, with a 18% decrease between 2019 and 2020.
Most of the injuries stem from the use of everyday objects that both regulatory agencies and consumers assume to be safe. While injuries occur across all age groups, the most vulnerable populations include young children and older adults.
Though various types of products can cause injuries, the basis of any defective product lawsuit is one of the following:
Regardless of the type of claim you file, you are likely to have to go up against a large corporation with unlimited resources, hard-hitting attorneys from an experienced law firm, and unflinching insurers. Plus, it’s on your side to prove that the defendant had strict liability for your damages. Because these parties may have no qualms about dragging out your case, it would be in your best interest to seek product liability lawsuit funding early in your case.
Any type of consumer product can pose a health and safety risk to end-users. Those include everything from household cleaning products to televisions to mattresses. However, some products are more dangerous than others.
Examples of some of the most common defective products and devices that lead to product liability lawsuit settlements include the following:
If you file a defective product lawsuit claim against a large corporation or resource-tight defendant, product liability lawsuit funding can give you the resources you need to pursue the maximum amount of compensation without having to stress about finances.
When a defective product causes you harm, you may suddenly find yourself saddled with exorbitant and ongoing medical expenses. Though your injury may prevent you from working, it does not stop your bills from piling up. Though your case has promise, and though you anticipate a sizeable settlement, your case can take months to years to settle. Understandably, you may not have the monetary means to support yourself, possibly a family and your legal battle. This is where defective product lawsuit financing can come in handy.
If you qualify for lawsuit funding, you can recover as much as 15% to 20% of your anticipated settlement before the finalization of your case. You can use this money to pay down your medical debt, cover your costs of living and focus on getting your life back on track so that you can build a stronger case against the at-fault party.
Unlike with traditional means of financing, your credit score is not a qualifying factor for lawsuit funding. Rather, lenders consider the value of your case, whether you retained legal representation and whether your defendant has adequate insurance coverage. You must also be at least 18 years of age.
Lawsuit funding is non-recourse, meaning if you do not win your case, you do not have to repay what you borrowed. This makes it a risk-free way to obtain the cash you need until your case settles.
If you feel as if you can benefit from product liability lawsuit funding, reach out to NY Legal Funding today. We offer free, no-obligation consultations.