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In Reply to: What would be a just compensation? posted by No accountant on October 12, 2006 at 14:12:52:
I don't know what is just compensation in terms of a dollar amount. I do know that when the RC Church has settled both out of court and through a court ruling, the amount has been in the millions. In the end, the victims get a proportionate share of the settlement. Ten victimes in the complaint get a million dollars each after legal and court costs are paid. Legal costs can be 30% of the settlement or more.
When cases for damages are settled through the courts, the amount of compensation is often mediated by the judge and/or the jury that decides the outcome of the case. When settled out of court, the amount is mediated entirely by the victims, their families, and the lawyers who represent them.
Estimates for damages are often based on lost time at work and medical bills. There are formulas for calculating the cost of an education, as well as the amount in lost wages from lack of one.
I have little personal experience with this, but there are people--primarily tort lawyers--who have come up with ways to calculate claims for damages.
