Walmart Settles With James McNair Children (Crash w/ Tracy Morgan)

[The Technician]

The settled for 10 million, but admitted no liability

http://www.reuters.com/article/2015/03/20/us-people-tracymorgan-crash-idUSKBN0MG27I20150320


(Reuters) - The children of the comedian James McNair, who was killed in a highway crash that injured fellow comic Tracy Morgan, have reached a settlement with Wal-Mart, the company confirmed on Friday.

The out-out-court settlement for the June 7 crash last year was initially announced in January. Media reports on Friday cited documents filed in New York's Westchester County that revealed the children were awarded a total of $10 million.

"We are glad to have reached an agreement but we can't discuss the terms and conditions of the settlement," a spokesman for the company told Reuters.

"We deeply regret the loss of Mr. McNair as a result of the accident," he added

McNair, 62, died after the limousine bus he was traveling in on the New Jersey Turnpike was rear-ended by a Wal-Mart truck when he was returning with Morgan and others from a comedy performance in Delaware.

Daryl Zaslow, the lawyer for McNair's family, said Wal-Mart did not admit liability in the settlement.

The family of McNair were not immediately available to comment.

 

[SPECTRE1]

<iframe width="560" height="315" src="https://www.youtube.com/embed/NER9X4_gtYk" frameborder="0" allowfullscreen></iframe>

On a positive note...

 

[Helico-pterFunk]

http://variety.com/2015/biz/news/tracy-morgan-crash-settlement-1201457180/

 

[SPECTRE1]

I was mysteriously blocked from getting a lawyer and could barely get anything out of the insurance company.

 

[Amajorfucup]

More than i expected him to get. Cut me a check for 10 mill you dont have to admit shit as long as it clears.


Can imagine Tracys numbers will dwarf this.

 

[Simply_Black]

Walmart Reaches Settlement In Tracey Morgan Crash...

https://uk.finance.yahoo.com/news/kids-man-killed-crash-hurt-235418355.html

WHITE PLAINS, N.Y. (AP) -- The children of comedian James McNair, who was killed in the New Jersey Turnpike crash that injured Tracy Morgan, are getting a $10 million settlement from Wal-Mart, court papers show.

The documents also show that the children, Jamel McNair, 26, and Denita McNair, 19, are putting part of the payment toward annuities that will pay them ever-increasing monthly amounts, starting at $3,000, for the rest of their lives.

The $10 million figure was disclosed in documents filed in Surrogate's Court in New York's Westchester County, where James McNair lived until the June 7 accident, when a Wal-Mart truck hit a limo van that was carrying him, Morgan and others home from a show in Delaware.

Morgan, a former "Saturday Night Live" and "30 Rock" star, suffered broken bones and what his lawyer, Benedict Morelli, said was a traumatic brain injury. Morelli said Friday that Morgan was "very pleased" that McNair's children were well-compensated and will be able to "lead a better life." McNair was a longtime friend and mentor to Morgan.

Morelli added that Morgan is not fully recovered but is "working very hard to get better, physically, emotionally and mentally." Morgan had hoped to attend the 40th anniversary show of "Saturday Night Live" last month, Morelli said, but was not well enough. Morgan still hasn't seen a segment in which his "30 Rock" co-stars Tina Fey and Alec Baldwin paid tribute to him during the show, Morelli said.

"I think it's going to take him a while before he's emotionally and mentally ready to watch that," the attorney said. "He knows about it. He said to me, 'I couldn't watch it, but one day I will.'"

Morgan and two others injured in the crash also have sued Wal-Mart. The truck driver, Kevin Roper, has been charged with death by auto and other offenses in New Jersey state court but has not yet been indicted, said a spokesman for the Middlesex County, New Jersey, prosecutor's office.

A preliminary investigation by the National Transportation Safety Board said Roper was driving 65 mph in the minute before he slammed into Morgan's van. The speed limit on that stretch of the highway is 55 mph but had been lowered to 45 mph that night because of construction, according to the report.

The McNair family lawyer, Daryl Zaslow, announced in January that Wal-Mart had settled with the children, but the amount was said to be confidential. However, he mentioned the $10 million figure in court papers filed last month supporting his request, backed by the McNair children, for nearly $3 million in legal fees. The $10 million figure was first reported by dnainfo.com.

Zaslow did not immediately return a call seeking comment. Wal-Mart spokesman Randy Hargrove said the company could not discuss the terms, "but we are glad to have reached an agreement. ... We deeply regret the loss of Mr. McNair and we worked closely with his family to insure their wellbeing."

https://uk.finance.yahoo.com/news/kids-man-killed-crash-hurt-235418355.html

 

[Drayonis]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

10 million? That's it? 3 million to their lawyers?

3k a month in annuities could never be enough to replace my dad.

 

[Simply_Black]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

10 million? That's it? 3 million to their lawyers?

3k a month in annuities could never be enough to replace my dad.

Lawyers stay winning (for themselves).

 

[BDR]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

10 million? That's it? 3 million to their lawyers?

3k a month in annuities could never be enough to replace my dad.

The documents also show that the children, Jamel McNair, 26, and Denita McNair, 19, are putting part of the payment toward annuities that will pay them ever-increasing monthly amounts, starting at $3,000, for the rest of their lives.

Smart,, dray look at the large picture yes it won't replace their Dad but that $3000 on top of what they are eating from their regular jobs they are set forever and future kids are set..

The 3.5 mill a piece will be there in principal they are getting paid off the interest... Eventually that principal will grow

 

[peterlongshort]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

10 million? That's it? 3 million to their lawyers?

3k a month in annuities could never be enough to replace my dad.

No amount of money will replace a loved one. Your family being broke for the rest of their lives certainly won't bring pops back.

Lawyers stay winning (for themselves).

What was he supposed to do, work for free?

 

[An RnB Thug]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

10 million? That's it? 3 million to their lawyers?

3k a month in annuities could never be enough to replace my dad.

Actually the lawyer pockets 3.3 Million (33%)
I'm sure he took the case on Consignment (for free)
and to charge only if he wins.
He should have settled with Walmart paying the
Kid's legal fee. Guess he got what he could and
(IMO) no patience on the Kid's (or lawyer's) part so they agreed
to take the 10 Million. In a case like this you gotta
hang tight. That's what Tracey is doing. I'm sure they threw
plenty of offers at him but he's going for top dollar.
#PatienceYoungGrassHopper

FYI - It's not 3k a month only. It increases over time

Also, that's a BAD deal cause 50k won't be worth 50k 20 years
from now due to inflation. So you gotta get your money UPFRONT
They didn't say whether it's a fixed or variable annuity...give
me all my doe NOW

 

[peterlongshort]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

Smart,, dray look at the large picture yes it won't replace their Dad but that $3000 on top of what they are eating from their regular jobs they are set forever and future kids are set..

The 3.5 mill a piece will be there in principal they are getting paid off the interest... Eventually that principal will grow

Exactly. This is a structured settlement. They likely got a large lump sum and structured the rest. The beauty of a structure is that because damages related to personal injury are not taxable, all interest earned from the settlement is tax free. The minute you take that money out of the settlement and place it into other investments it becomes taxable. Very smart on the kids part. Most people get greedy and want all the money up front without looking at the big picture. These kids are wise.

 

[Nobody]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

Yep. Check how the lawyer made sure to mention the 'brain injury',
That Morgan also didn't see the 30 Rock tribute or that he missed the SNL anniversary taping.

 

[peterlongshort]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

Actually the lawyer pockets 3.3 Million (33%)
I'm sure he took the case on Consignment (for free)
and to charge only if he wins.
He should have settled with Walmart paying the
Kid's legal fee. Guess he got what he could and
(IMO) no patience on the Kid's (or lawyer's) part so they agreed
to take the 10 Million. In a case like this you gotta
hang tight. That's what Tracey is doing. I'm sure they threw
plenty of offers at him but he's going for top dollar.
#PatienceYoungGrassHopper

FYI - It's not 3k a month only. It increases over time

Actually the wrongful death case settled early because, well, the man is dead. The damages are definite and certain. That's the easiest part of a wrongful death case. He's dead, look at the life expectancy tables, education, earning potential and cut the check.


Tracey has a TBI (Traumatic Brian Injury) which can take some time to develop the damages portion of the case. At this point no one knows with certainty the extent of his injuries, so the doctors will poke around a bit more before they start talking money.

 

[An RnB Thug]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

Exactly. This is a structured settlement. They likely got a large lump sum and structured the rest. The beauty of a structure is that because damages related to personal injury are not taxable, all interest earned from the settlement is tax free. The minute you take that money out of the settlement and place it into other investments it becomes taxable. Very smart on the kids part. Most people get greedy and want all the money up front without looking at the big picture. These kids are wise.

I hear what you're saying but so what if you get your
money and it's taxable? You want to invest your money
and flip it over and over, not live on it.
that's a poor person's mentality. Seems to me they're
content with getting an allowance every month.

 

[shaddyvillethug]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

Walmart gonna come off major chips for Tracy morgan



AT LEAST 50 mil

 

[shaddyvillethug]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

Walmart gonna come off major chips for Tracy morgan



AT LEAST 50 mil

 

[ak_rep]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

I hear what you're saying but so what if you get your
money and it's taxable? You want to invest your money
and flip it over and over, not live on it.
that's a poor person's mentality. Seems to me they're
content with getting an allowance every month.

And a constant reminder.

 

[An RnB Thug]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

Actually the wrongful death case settled early because, well, the man is dead. The damages are definite and certain. That's the easiest part of a wrongful death case. He's dead, look at the life expectancy tables, education, earning potential and cut the check.


Tracey has a TBI (Traumatic Brian Injury) which can take some time to develop the damages portion of the case. At this point no one knows with certainty the extent of his injuries, so the doctors will poke around a bit more before they start talking money.

You left out many more things that need to be calculated but
really CAN'T be....

Loss of love and companionship
Loss of consortium
Loss of care, guidance, and nurturing that the deceased would have provided
Also, any pain the victim incurred during death

So it's wise to hold out for more than 10 million
from a company like Walmart. Plus they didn't mention
his wife, his girl....? Hmmmm
Did she have her own attorney? Questions

 

[peterlongshort]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

I hear what you're saying but so what if you get your
money and it's taxable? You want to invest your money
and flip it over and over, not live on it.
that's a poor person's mentality. Seems to me they're
content with getting an allowance every month.

Your going in the right direction. Let's say you settle with Walmart for 10 million. Now, the way the tax law is written, proceeds from a personal injury/wrongful death case are not taxable, so Walmart will cut you a check for the 10 million and you don't have to pay taxes on the 10.

Now that you have 10 million cash, you don't just put it in the bank, you put it up in some investments right? OK, now your getting 8% or 9% return on that 10 mill, pretty sweet, until that capital gains tax swoops in and takes half.

To get around this, you go to Walmart and tell them to cut you a check for $5 million and to cut the investment bank another check for $5 million where you've already cut a deal to have that $5 mill return and guaranteed interest rate for about 30 years or so and you get a certain amount of payments tax free. The key is the money goes directly from Walmart to the investment bank as part of the settlement, which keeps it tax free. As soon as the money touches your hands it is no longer tax free money, SO DO NOT TOUCH!!!

In essence you would be flipping the $5 mill into $7 mill guaranteed and tax free.

 

[An RnB Thug]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

Smart,, dray look at the large picture yes it won't replace their Dad but that $3000 on top of what they are eating from their regular jobs they are set forever and future kids are set..

The 3.5 mill a piece will be there in principal they are getting paid off the interest... Eventually that principal will grow

It will grow IF the cacs invest their money right....

Plus if you have 3.5 Million in several banks the minimum
you will make on interest alone will well north of 100k
per year and that's without investing it.....

 

[peterlongshort]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

You left out many more things that need to be calculated but
really CAN'T be....

Loss of love and companionship
Loss of consortium
Loss of care, guidance, and nurturing that the deceased would have provided
Also, any pain the victim incurred during death

So it's wise to hold out for more than 10 million
from a company like Walmart. Plus they didn't mention
his wife, his girl....? Hmmmm
Did she have her own attorney? Questions

All of that is included, but it's calculated on a life expectancy table. If he was expected to live another 50 years you put a number on loss of care, guidance, etc. and multiply by 50 barring any extraordinary circumstances. And if his death was instant the isn't a whole lot to be gained in a survivorship action.

If he had a wife she is certainly entitled. If he had a girlfriend she gets nothing.

This is actually a pretty decent settlement. Off hand you would be looking at about $3 mill per kid.

It would be folly to suggest that somehow this was a slam dunk case. Shit is all sweet until you go to trial and find out the dearly departed did time for Child Molestion and armed robbery. In my experience jurys dislike child molesters. Not to say that was the case here, but nothing is guaranteed in court.

In the inverse, he could have been a saint and the jury woulda came back with a $20 mill verdict, it's a gamble on both sides, that's why you settle.

 

[peterlongshort]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

It will grow IF the cacs invest their money right....

Plus if you have 3.5 Million in several banks the minimum
you will make on interest alone will well north of 100k
per year and that's without investing it.....

The problem with banks and investing it on your own is the interest rate fluctuates. The rate in the structure is guaranteed for the life of the agreement, normally about 10-30 years. And it's tax free.

 

[An RnB Thug]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

The problem with banks and investing it on your own is the interest rate fluctuates. The rate in the structure is guaranteed for the life of the agreement, normally about 10-30 years. And it's tax free.

I was just using that as an example

 

[peterlongshort]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

I was just using that as an example

I feel ya. I'm just really impressed with the kids discipline and maturity. Shit, drop $5 million on me at 19 years old and it wouldn't been pretty.

 

[A to Dah K]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

Your going in the right direction. Let's say you settle with Walmart for 10 million. Now, the way the tax law is written, proceeds from a personal injury/wrongful death case are not taxable, so Walmart will cut you a check for the 10 million and you don't have to pay taxes on the 10.

Now that you have 10 million cash, you don't just put it in the bank, you put it up in some investments right? OK, now your getting 8% or 9% return on that 10 mill, pretty sweet, until that capital gains tax swoops in and takes half.

To get around this, you go to Walmart and tell them to cut you a check for $5 million and to cut the investment bank another check for $5 million where you've already cut a deal to have that $5 mill return and guaranteed interest rate for about 30 years or so and you get a certain amount of payments tax free. The key is the money goes directly from Walmart to the investment bank as part of the settlement, which keeps it tax free. As soon as the money touches your hands it is no longer tax free money, SO DO NOT TOUCH!!!

In essence you would be flipping the $5 mill into $7 mill guaranteed and tax free.

no investment is returning 8-9% regularly right now first off
second there are plenty of tax free bonds
cut me my damn check and get out of my life

 

[NBKing]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

Walmart gonna come off major chips for Tracy morgan



AT LEAST 50 mil

Tracy didn't die, so nah.

You'll almost never see an injury award exceed a wrongful death award.

 

[JamesATL]

WTF 3mil legal fees?

 

[JamesATL]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

Tracy didn't die, so nah.

You'll almost never see an injury award exceed a wrongful death award.

not really. if morgan has loss of income.

 

[NBKing]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

You left out many more things that need to be calculated but
really CAN'T be....

Loss of love and companionship
Loss of consortium
Loss of care, guidance, and nurturing that the deceased would have provided
Also, any pain the victim incurred during death

So it's wise to hold out for more than 10 million
from a company like Walmart. Plus they didn't mention
his wife, his girl....? Hmmmm
Did she have her own attorney? Questions

That's all true, but in a court settlement it's only a math equation ... Cold, clinical.
You taking unquantifiable conditions. They only factor tangible quantifiable measures:
- how old was the deceased
- what was the anticipated lifespan of the deceased based on race, health, lifestyle
- what was the current income of the deceased
- what was the future earnings potential of the deceased

They hit up an actuary table that spits out a number then add a multiplier on top for pain, suffering, and bereavement ... that last bit is really the only flexible part.
And that's that. They lawyers only negotiate up and down on that last bit because both lawyers know the factor table number. Walmart lawyers hope their lawyer don't and can negotiate a lower base.

First number offered is always a desperation suckers deal ... Standard practice though. You don't get insulted over it. Made for people who just need money now or someone who never seen that sort of number and jump at it not wanting to risk going to court and getting nothing.

If your lawyer is working on contingency they take 33% of any award in the end.

The good thing though is that death benefit settlements are TAX FREE on the federal side. State by state tax varies. Some have none - some charge. That's why a smart lawyer will have the plaintiff change their address to a tax free death benefit state before an award deal is struck.

 

[peterlongshort]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

no investment is returning 8-9% regularly right now first off
second there are plenty of tax free bonds
cut me my damn check and get out of my life

Great points. Why would anyone ever choose a structured settlement when no investment is going to return 8%? Shit, just buy muni bonds and you'll be set for life. Cased closed. Thanks for the insight and analysis.

 

[NBKing]

WTF 3mil legal fees?

Yes. It's standard. There two ways to hire a lawyer:
(A)
If you hire an attorney on contingency, they take 33% of any award if you win.
If you lose, you don't owe them a dime. They essentially worked for free.

(B)
If you retain counsel on a standard retainer, then you pay them their firms normal hourly fee ($300-500 per hour for a veteran attornty for a case this big $250-300 for a young attorney), plus travel and appearance fee out of pocket and they aren't entitled to any of the award if you win.

If you lose, you still owe them.

So that's the risk decision you have to make.

 

[Flawless]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

They are stupid if they settle and didn't let Walmart pay their legal fees.

 

[big pimp]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

10 million? That's it? 3 million to their lawyers?

3k a month in annuities could never be enough to replace my dad.

 

[big pimp]

Re: Walmart Reaches Settlement In Tracey Morgan Crash...

10 million? That's it? 3 million to their lawyers?

3k a month in annuities could never be enough to replace my dad.