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Settling Personal Injury Claims

Settling Personal Injury Claims

The concept of cyber settling personal injury claims is not new.  An attorney by the name of James Ring from Boston has come up with a website that is, in part, based upon game theory with the idea of trying to eliminate all of the back and forth that tends to go on in the course of either business negotiations or personal injury settlement negotiations.

What it requires is that each party confidentially submit what that party believes to be the true value of the case.  Each value is referred to as being final and there is no chance to negotiate off that number.  The value of the case then is set at the median between those valuations placed by the two parties.

Although this type of system has some appeal, it obviously does not eliminate the potential jockeying that parties engage in in any type of settlement discussions.  The potential flaw in the system is whether or not the parties are in fact truly being honest in terms of their evaluation of the case or are they simply putting out a number that they know is on the high side or low side, depending on their respective position in order to then further negotiate.

This system, however, does have some merit and probably is worthy of sampling. 

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