Q: Workman's Comp is now working with my attorney and WC Judge to come to a settlement. This is a four year situation.
my question (my attorney is out of town and not available to answer this question... Any. the case is about to be
settled. I was just informed by an x-co worker, that the company that this accident happened. WAS SOLD ON
FRIDAY! Will this effect the settlement outcome in any way? Will this company have to pay the settlement
or will it be carried over to the new owners? Very curious. What is the outcome please?
You have helped me in the past and I appreciate any help you can do for me now?
Thank you
A: only your attorney can provide you legal advise and information about your specific case. you will need to set an appointment to address your concerns with your attorney.
A:
i strongly encourage you to reach your lawyer. The answer is "It Depends".
Is the employer self-insured, meaning the defense attorney and adjuster have to go to the company representative for approval of any settlement money??
Does this adjuster have independent settlement authority?? Many do, but just up to $25,000; high than that, they have to go to someone 'in charge'.
Does your case involve a Serious & Willful Misconduct of the Employer claim and/or a LC132a Discrimination petition on which the employer is contributing directly to the settlement total? ( LC132a is a misdemeanor crime and you cannot insure for losses on one's own crime, so the 'owner' has to kick in whatever amount resolves the 132a Petition)...???
ALL THAT SAID, usually the sale of the company has almost no impact on the talks between your lawyer and the defense lawyer/adjuster. If the new owner is getting new workers comp insurance and the insurer on your claim is no longer getting paid by the employer, sometimes that HELPS! It can encourage the adjuster to 'just get rid' of those claims because the 'Experience Modification' (policy rate hikes for big settlements/awards) doesn't apply when the owner/insured is gone. BUT TALK TO YOUR LAWYER, YOU'RE GIVING HER/HIM THOU$ANDS AND THOU$ANDS.
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