Economic damages arise when a party who has been affected by an adverse event caused or generated by the misconduct or negligence of an offending counterpart. The awarded damages should compensate the harmed party for the effects of the adverse event, by placing them in a situation similar to the one prior to the adverse event. Examples of situations resulting in economic damages include breach of contract, wrongful termination, medical practice resulting in personal injury or death, and many others.
A damage expert must possess the ability to manage complex data and the experience to interpret it. The expert may consider such factors as the plaintiff’s demographic and earnings data and identifies calculation, expected work life, government statistics, economic studies, and market conditions. In many cases, the expert must also determine an appropriate discount rate to reduce damages to their present value.
For more information, see www.fulcrum.com.
See our blog at www.betweenthenumbers.net for current news and commentary.