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Posted on March 9, 2012
A severely injured worker in California will receive financial payments for the rest of his life from a structured settlement, as part of what his attorney calls “the highest known workers' compensation insurance settlement in California history.”
A structured settlement gives an injured worker significant ability to design payments tailored for his or her long-term needs. In 1997, Congress amended the federal tax code specifically to encourage the use of structured settlements in workers’ compensation claims. Since then, they have become increasingly popular in workers’ compensation cases, as they also provide steady tax-free income and guaranteed financial security.
According to a report in today’s ABA Journal, Antonio Enriquez fell 20 feet from a scaffold in 2004. The fall caused a traumatic brain injury that Enriquez’ attorney Christopher Asvar claims has produced cognitive deficits, anxiety and depression.
The $8.9 million settlement includes payments guaranteed for life through a structured settlement.
Insurance Journal reports that Asvar claims to have spoken with many workers’ compensation experts including “structured settlement folks up and down the state.” The publication cites State Fund spokeswoman Emily Gorin saying, “It’s pretty darned large. I think it would be safe to say that this is among our biggest cases.”