01 Apr Cab Company Bankrupt After Losing Decade-Long Trial
A ten-year-old car crash lawsuit has finally reached a conclusion, leading to a bankruptcy by a Cook County cab company.
A decade ago, Marc Jacobs entered a taxicab, which eventually sped off an expressway ramp and into a concrete barrier. Jacobs survived, but he suffered a traumatic brain injury (TBI), which led to many expensive surgeries, rehabilitation and a loss of much of his previous income capital.
Jacobs and his attorneys were able to obtain a verdict for $25.9 million after it was determined that the taxi company, Yellow Cab Affiliation Inc., was deemed negligent. The company is considered responsible as it is supposed to be trusted to take people to their destinations safely.
Since the verdict, the company has filed for bankruptcy. The company claims that it possesses no more than $10 million in assets. Despite the bankruptcy, the company’s 1,600 cabs will still roam the streets continuing with business as usual. Yellow Cab has made it known that it will appeal the lawsuit, and it may try to shift the blame onto the driver by claiming that the company hires “independent operator drivers.”
Unfortunately, it seems that the plaintiff may have to wait even longer to receive damages because of this bankruptcy.
Worried that Your Case May Take Too Long?
As you can see, some lawsuits can last a decade. This is why it is important to select a trusted personal injury attorney with experience so that you can increase your chances of settling the case as quickly as possible and in your favor. The case above also highlights the complexities of a lawsuit. In major accidents, you should not settle for an attorney who lacks experience dealing with the types of losses you sustained.