EMPLOYMENT, PERSONAL INJURY AND ACTUARIAL
- EXPERT SERVICES
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CASE EXAMPLESBritish Petroleum Explosion in Texas City Binding Arbitration between American Airlines and the Allied Pilots Association
- TEAM MEMBERS
Our specialists in financial, economic, accounting, and actuarial analysis provide a complete and comprehensive outcome through powerful insights.
EMPLOYMENT
Accumyn’s experts prepare independent financial and economic analysis and provide expert testimony regarding the present value of lost earnings and the present value of lost fringe benefits to the Plaintiff due to the incident causing the lawsuit (whether it be wrongful termination, injury on the job, etc.). If appropriate, Accumyn expert reduces these amounts for taxes and expenses. In doing so, the Accumyn expert independently determines the appropriate increases in wages for the Plaintiff as well as the appropriate increases in fringe benefits. This is done on a year-by-year basis over the work-life expectancy of the Plaintiff. If indicated (by future alternative employment), alternative earnings calculated on a similar basis will be used to reduce the economic loss on a year by year basis. The net result is then reduced to present value by using the appropriate interest rate.
In addition to the above, our experts have been involved in Employment lawsuits dealing with the economic value of fringe benefits, such as in labor negotiations.PERSONAL INJURY
Accumyn’s experts prepare independent financial and economic analysis and provide expert testimony regarding the present value of lost past earnings and lost future earnings and fringe benefits. If appropriate, the analyzed amounts are reduced for taxes and expenses. In doing so, Accumyn’s experts independently determine the appropriate increases in earnings for the Plaintiff as well as the appropriate increases in fringe benefits. This is done on a year-by-year basis over the work-life expectancy of the Plaintiff. If indicated (by future alternative employment), alternative earnings calculated on a similar basis will be used to reduce the economic loss on a year by year basis. The net result is then reduced to present value by using the appropriate interest rate.WRONGFUL DEATH
Accumyn’s experts prepare independent financial and economic analysis and provide expert testimony regarding the Loss of Support to the Plaintiffs due to the death of an individual (the deceased). In so doing, Accumyn’s experts independently determine the present value of lost past and future earnings, including appropriate increases to earnings, plus the present value of past and future fringe benefits. These amounts are always reduced for personal consumption of the deceased. If appropriate, these amounts are also reduced for taxes and expenses. This is done on a year-by-year basis over the work-life expectancy of the deceased. The result is then reduced to present value by using the appropriate interest rate.FUTURE MEDICAL (INCLUDING MEDICAL MALPRACTICE)
Accumyn’s experts will determine, for either personal injury cases (if applicable) or Medical Malpractice cases, the present value of future medical care. In so doing, Accumyn’s experts will take the various costs provided for the elements of future care and increase the costs by appropriate indicated rates of inflation over the period-of-time indicated up to the life expectancy of the Plaintiff. The expert will then determine the present value of each year of increased costs by applying an appropriate discount rate.OTHER ACTUARIAL MATTERS
Actuaries determine the present value of streams of income over various periods of time. Therefore, our actuarial experts join our economic experts in determining the losses mentioned above (personal injury, wrongful death, and medical malpractice).
Actuaries have historically worked for insurance companies determining the premium levels charged by such companies for life insurance, health insurance, pensions as well as many other items. Our actuarial experts are available to perform these services in litigation matters involving pensions, life insurance, health insurance and disability insurance. Taking pensions into consideration, our actuarial experts have testified in divorce settlements with respect to the value of pension benefits as part of the community property estate.Our specialists in financial, economic, accounting, and actuarial analysis provide a complete and comprehensive outcome through powerful insights.
EMPLOYMENT
Accumyn’s experts prepare independent financial and economic analysis and provide expert testimony regarding the present value of lost earnings and the present value of lost fringe benefits to the Plaintiff due to the incident causing the lawsuit (whether it be wrongful termination, injury on the job, etc.). If appropriate, Accumyn expert reduces these amounts for taxes and expenses. In doing so, the Accumyn expert independently determines the appropriate increases in wages for the Plaintiff as well as the appropriate increases in fringe benefits. This is done on a year-by-year basis over the work-life expectancy of the Plaintiff. If indicated (by future alternative employment), alternative earnings calculated on a similar basis will be used to reduce the economic loss on a year by year basis. The net result is then reduced to present value by using the appropriate interest rate.
In addition to the above, our experts have been involved in Employment lawsuits dealing with the economic value of fringe benefits, such as in labor negotiations.PERSONAL INJURY
Accumyn’s experts prepare independent financial and economic analysis and provide expert testimony regarding the present value of lost past earnings and lost future earnings and fringe benefits. If appropriate, the analyzed amounts are reduced for taxes and expenses. In doing so, Accumyn’s experts independently determine the appropriate increases in earnings for the Plaintiff as well as the appropriate increases in fringe benefits. This is done on a year-by-year basis over the work-life expectancy of the Plaintiff. If indicated (by future alternative employment), alternative earnings calculated on a similar basis will be used to reduce the economic loss on a year by year basis. The net result is then reduced to present value by using the appropriate interest rate.WRONGFUL DEATH
Accumyn’s experts prepare independent financial and economic analysis and provide expert testimony regarding the Loss of Support to the Plaintiffs due to the death of an individual (the deceased). In so doing, Accumyn’s experts independently determine the present value of lost past and future earnings, including appropriate increases to earnings, plus the present value of past and future fringe benefits. These amounts are always reduced for personal consumption of the deceased. If appropriate, these amounts are also reduced for taxes and expenses. This is done on a year-by-year basis over the work-life expectancy of the deceased. The result is then reduced to present value by using the appropriate interest rate.FUTURE MEDICAL (INCLUDING MEDICAL MALPRACTICE)
Accumyn’s experts will determine, for either personal injury cases (if applicable) or Medical Malpractice cases, the present value of future medical care. In so doing, Accumyn’s experts will take the various costs provided for the elements of future care and increase the costs by appropriate indicated rates of inflation over the period-of-time indicated up to the life expectancy of the Plaintiff. The expert will then determine the present value of each year of increased costs by applying an appropriate discount rate.OTHER ACTUARIAL MATTERS
Actuaries determine the present value of streams of income over various periods of time. Therefore, our actuarial experts join our economic experts in determining the losses mentioned above (personal injury, wrongful death, and medical malpractice).
Actuaries have historically worked for insurance companies determining the premium levels charged by such companies for life insurance, health insurance, pensions as well as many other items. Our actuarial experts are available to perform these services in litigation matters involving pensions, life insurance, health insurance and disability insurance. Taking pensions into consideration, our actuarial experts have testified in divorce settlements with respect to the value of pension benefits as part of the community property estate.British Petroleum Explosion in Texas Cityn 2005, there was an explosion in a plant in Texas where there were hundreds of injuries and deaths. British Petroleum eventually settled this case with the Plaintiffs. In determining the damages, a certain sub-group of the Plaintiffs is used to calculate the damages for all of the Plaintiffs. Mr. Bass, a Managing Director at Accumyn and Fellow of the Society of Actuaries, was the expert for British Petroleum regarding the losses for all of the Plaintiffs, whether it be Personal Injury, Wrongful Death or Cost of Future Care.
Binding Arbitration between American Airlines and the Allied Pilots AssociationMr. Bass was an actuarial consultant for the Allied Pilots Association of American Airlines in their dealings with American Airlines and its parent company, AMR. During labor negotiations, they could not come to an amicable arrangement regarding Pension Plans and Health Insurance Plans. The agreed to take the case to Binding Arbitration before a Magistrate where his decision would be final. The case involved a difference of opinion of tens of millions of dollars. It was agreed that there would be a minimum amount (which American Airlines desired) to a maximum amount (which the Allied Pilots Association desired). While there were many parties involved in this matter, Mr. Bass testified on behalf of the Allied Pilots Association as to the economic requirements for the Allied Pilots Association. The final ruling by the Arbitrator was outside the range in favor of the Allied Pilots Association.