FELA Lawsuit Funding
Being injured on the job is a difficult proposition. Not only could you lose time from work, but you may suffer an injury that could last for months, years, or even permanently. Even if the injury is serious enough to warrant a lawsuit, those suits can take years to resolve, leaving the plaintiff in a tough situation.
What is FELA?
FELA stands for the Federal Employers Liability Act. Enacted in 1908, it protects and compensates railroad workers who have been injured on the job. This legislation was created during the heyday of railroad travel, but that makes it no less important today. There are still over 230,000 railroad employees in the country, and rail work is always dangerous.
FELA differs from traditional Workman’s Compensation in a few key ways. Workman’s comp tends to be somewhat arbitrary in who it awards and how much. Many victims can be undercompensated. Under FELA, however, injured workers tend to recover more appropriate amounts, especially since it takes into account not only pain and suffering, but also lost wages, medical expenses, and loss of enjoyment of life.
How Much is My FELA Case Worth?
The fact that FELA cases tend to settle for more appropriate numbers is heartening, but it still makes it difficult to pin down a specific amount. There are many factors that determine a settlement amount: the extent of the injury, the liability in the case, and which venue the case is heard in, among others. One good thing to consider is that FELA cases have what’s called contributory negligence. This means that even if you were partially responsible for the accident, as long as you weren’t 100% at fault, the railroad is obligated to pay something. If it was a 50/50 accident in terms of who was at fault, your settlement may be half of what it could be, but at least it’s not nothing (as is the case in some other case types).
Verdicts of over $1 million are not unheard of in extreme FELA cases, and a verdict of over $10 million has been awarded. More traditional FELA cases can still be worth tens or even hundreds of thousands of dollars.
How Long Will My FELA Case Take to Settle?
No insurance company wants to pay out settlements; they are less profitable when they do. As such, some insurers may try to stall the plaintiff on a case so that the plaintiff will accept even a small offer just so they can use that money to get on with their lives. Even with FELA’s safeguards, this could mean smaller settlements. Insurers can stretch on cases for months or even years. Many plaintiffs don’t have the financial means to wait out insurance company giants. For people in that situation, a pre-settlement loan might be the right way to go.
How To Qualify For Pre-Settlement Loans With Nova Legal Funding
Pre-settlement loans (also called cash advances) are easy to get. The application process only takes a few minutes, and often we can obtain case documents from your attorney very quickly. We have a team of underwriters who reviews the information and they see if the case is suitable for funding. Many times we have an answer to you within a matter of days. In order to qualify, you’d need:
- an attorney handling your case
- to be 18 years or older
- documents showing the extent of your injury, something proving that the railroad was at least partially responsible for the accident, and legal pleadings (we can get these documents from your attorney).
Why Choose Us for Your Lawsuit Loan?
Each funding company has its own case types that it prefers. Some are better at underwriting pharmaceutical cases, others better at auto accidents. We have underwriters who specialize in FELA cases. Often, we can review these cases more quickly than other lawsuit funding companies.
We also pride ourselves on customer service. You won’t go a week without knowing where your application stands; we keep in constant contact with you. We can get among the best rates in the industry for you as well.