Structured settlements have become increasingly common in the past few decades as a form of compensation for incidents involving personal injury, medical malpractice, and wrongful death. But how did structured settlements come about? And what laws at the federal and state level govern them? Here, we dive into the history of structured settlements.
The Origin of Structured Settlements
It was an unfortunate incident which spurred the creation of the structured settlement as a form of payment. In the 1960s, a pharmaceutical company created a drug called Thalidomide that was intended to treat morning sickness in pregnant women. However, the drug, which was used by thousands of women in Canada, also caused severe, life-threatening birth defects in their children. The company needed to compensate the survivors and help them to pay for the specialized health care that they needed. Because they would need care for the rest of their lives, a lump sum did not seem like a practical solution.
Although the first claims relating to the use of this drug began in Canada, similar cases were also filed in the United States. It was this case in particular which caused structured settlements to become a popular form of payment in medical malpractice disputes.
Federal Structured Settlement Laws
The history of structured settlements also includes the passing of numerous laws to protect the rights of individuals who receive structured settlements.
J.G. Wentworth can get you CASH NOW for your future structured settlement, annuity, and lottery payments. We also provide debt relief services.
What to expect after you submit a form:
AJ.G. Wentworth representative will call you immediately to discuss how we can help you. If your inquiry was submitted after normal business hours, you can expect a call within 24 hours.
We will work together to get you the cash or product that best fits your needs.
Get a quote in minutes
close
Thank you for your inquiry.
close
What to expect after you submit a form:
A J.G. Wentworth representative will call you in minutes to discuss how we can help you get Cash Now. If your inquiry was submitted after normal business hours, you can expect a call within 24 hours.
Check your inbox! You will receive an email from J.G. Wentworth with helpful information about how our process works.