Product Liability Pre-Settlement Funding
If you have been harmed by a defective product, you can consider filing a product liability complaint to seek restitution. Even if the damages you experienced do not seem severe, filing a product liability claim can alert manufacturers to the issue so they can potentially protect future consumers from danger. Exposure to a defective product can result in physical injury, property damage, and loss of life. You can seek compensation for the harms resulting from a product defect through a product liability lawsuit.
Product Liability in Stats
How LitiPay Pre-Settlement Funding can help product liability victims
LitiPay’s litigation funding can support victims needing to cover short-term costs, allowing the victim to pursue legal recourse and have the at-fault party pay fully for damages and costs.
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Advice for product liability victims
Exposure to a defective product can lead to sudden and frightening injuries to a consumer’s physical, financial, and emotional health. However, a well-executed response plan can empower consumers to react to the volatile circumstances created by the defective product with confidence and optimism.
After being injured by a defective product, consumers should:
Put safety first.
Defective products can cause direct bodily harm, fires, or otherwise compromise your safety. Seek medical care, put out small fires, get to a safe place, and call emergency personnel. Your safety is the top priority.
Document everything.
Take photographs of the defective product and the harm it’s caused. Keep the product intact. Collect copies of your medical records for expenses related to injuries you’ve sustained as a result of the defective product.
Gather eyewitness testimony.
Write down or record statements from people who saw the incident involving the defective product. Create a written account of what you were doing right before the injury and what you were doing as it happened.
Learn more about the product and manufacturer.
Closely examine the instruction manual, including warning labels, to confirm that you were using the product correctly. Search the internet for existing product recalls. If there are none and you can prove that you used the product as intended, the manufacturer or seller may be liable for the damages caused by the defective product.
Talk to an attorney.
Before notifying the product manufacturer or seller, discuss your next steps with an experienced lawyer. You may be able to receive compensation for damages through a product liability settlement.
Moving forward after being injured by a defective product will take time, money, and emotional fortitude, resources that are difficult to renew. You can mitigate the material and emotional harm resulting from the product defect by leaning on your response plan.
How Product Liability Settlements Work
Many consumers will be notified by a manufacturer that a product they purchased is defective. Between auto parts, medical equipment, pharmaceutical drugs, and other consumer goods, around 30 million products are recalled on a yearly basis. Many of these recalls were instigated by product liability claims that notified manufacturers of a defective product.
Victims of defective products can experience a wide range of harms from physical injury to property damage. Product liability victims can seek compensation for the harms resulting from a defective product by pursuing litigation or a product liability settlement. Injured consumers who need immediate access to funds are more likely to turn to a settlement than a lawsuit. Rather than waiting for a lengthy trial to unfold and relying on a jury to take their side, settlements give victims closure and the swift help they need to move forward.
On the other hand, settlements come with their own risk factors. Post-settlement agreements guarantee funding, but not necessarily within the timeframe the victim needs.
A pre-settlement funding arrangement is an ideal alternative for victims who need funding fast. When injured consumers work with a pre-settlement funding firm, they receive a portion of their compensation before their settlement resolves, similar to a cash advance. Because pre-settlement funding is not a loan, victims don’t have to worry about paying it back if their lawsuit does not result in a monetary recovery
FAQs from Product Liability Settlements
Disclaimer: The information on this page is not intended to be legal advice. Please ensure you seek legal counsel in the event of a personal injury.
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