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Structured settlements are best for large settlements, where if you get a lump sum you might be tempted to spend a whole lot of money, really fast. Structured settlements save plaintiffs money on taxes. While most of a personal injury settlement is not taxable, parts of it may be.

A North Carolina federal judge has granted final approval to a $75 million settlement between Bank of America and a class of customers while also authorizing a $25 million award for the lead attorneys who litigated the class' claims that the bank improperly charged overdraft and other fees to customers whose accounts

Structured settlements: A tax-free income solution A structured settlement provides many benefits that a lump sum cannot. For starters, both the settlement proceeds and any growth on the proceeds within the structured settlement are 100% income tax-free. The payments are guaranteed1, and so is the rate of return.

A major drawback of a structured settlement is that it may jeopardize the beneficiary's eligibility for public benefits, which may be particularly problematic when the person's medical needs are covered by Medicaid rather than private health insurance.

Instead of receiving a lump sum of money for damages, the injured party can receive a series of payments made over time. The result of receiving a structured settlement is increased financial security for the plaintiff and assistance to pay for medical bills or other necessities.

You should take a lump sum settlement for all small settlements and most medium-sized settlements (less than $150,000 or so). But if you are settling a larger case, there are two good reasons for doing a structured settlement. First, the structure guarantees that you won't spend the money too fast.

Who's Eligible. Settlement Class Members include Bank of America customers who had a checking and/or savings account and were charged one of the following fees between July 1, 2014, and July 29, 2021: retry transaction fee, Intrabank transaction fee, NSF fee, or overdraft fee.