Settlement Funding for FELA (Federal Employers’ Liability Act) Cases
Fair Rate Funding specializes in FELA lawsuit loans and helps clients obtain cash advances on their FELA lawsuits, prior to settlement.
In response to a growing need, the United States Congress passed the Federal Employers’ Liability Act (FELA) which authorized the compensation of railroad employees for injuries sustained on the job. Although the law arose out of the need to compensate injured or killed railroad workers as the country expanded westward in the 1800’s, today, railroad workers who are injured on the job can still recover compensation for job-related personal injuries.
FELA requires railroad companies to provide employees with a safe workplace. It also mandates workers are properly trained, equipped and supervised. Railroads must inspect the work environment to ensure it is free of hazards and to ensure employees receive adequate medical assistance, if needed. Prior to the passing of this legislation, it was extremely uncommon for workers to receive cash compensation for their injuries.
What Type of Damages are Covered by the FELA Law?
FELA allows for recovery of the following damages upon a finding of negligence:
- Wrongful Death Compensation Damages including Loss of Consortium
- Past and Future Lost Wages
- Past and Future Medical Expenses
- Pain, Suffering and Mental Distress
- Loss of Insurance and Other Benefits
- Other Damages
How Much are FELA Lawsuits Worth?
Railroad accident cases vary in settlement value. The ultimate value of a FELA lawsuit depends on a variety of factors. These might include:
- Injury type, treatment, and duration.
- Permanency, disability and disfigurement caused by the injury.
- Any pre-existing conditions (you are entitled to compensation even if an injury is worsened due to the accident).
- Past and future pain and suffering.
- The amount of past medical treatment and the cost of future medical care.
- Past lost wages and loss of future earnings
These items are difficult to put a dollar figure on. Yet damages, such as pain and suffering, have subjective value. Although no amount of money can make an injured FELA plaintiff completely whole again, monetary damages are they only way to compensate victims for their loss.
What Challenges Face FELA Accident Victims?
FELA lawsuits routinely involve major injuries and medical treatment is often extensive. For this reason, a great deal of time can pass between the injury date and the day the worker receives compensation. During this time, victims face financial difficulty while they wait for the claim to be resolved. Because they are often unable to work, victims simply cannot make ends meet. The financial stress causes many plaintiffs to accept “low-ball” settlement offers from insurance carriers.
What plaintiffs need is the staying power to wait out the litigation process – which sometimes lasts for years. FELA lawsuit loans are one potential option for these individuals.
What are FELA Lawsuit Loans?
FELA lawsuit loans are financial transactions in which a lawsuit “lender” advances money on a pending FELA case. The plaintiff pledges a portion of the future proceeds of the case in return.
What are the benefits of lawsuit loans for FELA and other cases?
Plaintiffs see the value of lawsuit loans because they are:
- Quick – most are processed in a couple of days.
- Flexible – payments can be made in a lump sum or a series of payments
- Risk Free – repayments only if you win your case.
Lawsuit loans seek to level the playing field between injured plaintiffs and financially strong insurance companies. The idea is to give plaintiffs the financial strength so they are not pressured into taking less than what they deserve in settlement. With the ability to pay their bills and living expenses, FELA lawsuit loans allow FELA attorneys to pursue their clients’ claims thoroughly, thereby securing the maximum amount available for settlement.
What is non-recourse funding?
Lawsuit loans are a non-recourse financing option for litigants who have exhausted most, if not all, other methods of getting cash to meet their immediate needs. Non-recourse loans are different than traditional loans because lawsuit loans are not repaid if the case is not successful. In other words, the financing company cannot pursue the plaintiff personally for repayment of the advance. The lawsuit is the SOLE source of repayment of a FELA lawsuit settlement loan.
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Why Choose Fair Rate Funding?
Fair Rate Funding specializes in pre-settlement funding of FELA cases. With an extensive background in this area, Fair Rate Funding offers the lowest rates for settlement funding on your FELA lawsuit. With our financial backing behind you, your attorney can then obtain the maximum amount of cash available for your personal injury.
How Do I Apply for a FELA Lawsuit Loan?
To obtain settlement funding in the quickest and easiest manner, click the Apply Now button on this page or fill out our submission form. One of our agents will contact you immediately and start the process. We regularly process and provide FELA lawsuit cash advances within 24 hours of receiving the paperwork from your attorney.
We provide settlement funding services for FELA lawsuits for the following states: Alabama, Alaska, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Louisiana, Maine, Massachusetts, Michigan, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming and the District of Columbia.
We know you have a choice of litigation finance companies and are happy to assist you. Give us a call. We are here to help – and are at your service.
Thank you for choosing Fair Rate Funding.