Understanding How Jones Act Settlements Work
Generally, Jones Act settlements are agreed upon by the attorneys representing the injured Jones Act worker and the opposing attorney representing the company or insurance company. Once Jones Act settlements have been agreed upon by both attorneys, it then takes approximately 30 to 60 days for settlement money to be delivered by the settling party.
The Release of Jones Act Settlements
Typically, you will still have to sign a standard Jones Act settlement release which is approximately 6 to 12 pages in length. This release goes through the details of Jones Act settlements. The basic goal of the release document is to make it clear to both parties that all claims and rights under the Jones Act are being settled at that time in exchange for the settlement funds. Once the release document is signed, typically you will receive your portion of your Jones Act settlement after your attorney deducts any fees and expenses out of the Jones Act settlement. Because settlement funds must be put into a trust account, typically the check that you receive at the time of your Jones Act settlement will be dated three to five days after the date that you sign the release documents.
In summary, once Jones Act settlements are agreed upon by the attorneys in your case, typically you will receive your money within 30 to 60 days. You will first have to sign a detailed release document which will be fully explained to you by your attorney. The day that the release document is signed you typically will receive your portion of the settlement funds, but this check will be post dated several days.
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