Lawsuit settlement

[Tron]

On 6/20/2025 at 11:42 PM, SouthernKudzu said:

Probably. I got an email today. It stated the amounts the men receive should be 55% of the amount that the settlement was for. This was because the amount of the claims is more that the amount to be dispersed. It said that some "objecting parties" are taking this to the Supreme Court. But this attorney said that it is highly unlikely that the SC will "take up the matter" based on past cases.

Ex. $100,000 settlement and you receive $55,000. However, in my case (as I had mentioned), the 1.5% check (of the total settlement) I received had 46% taken out. So, in my example, if the 46% deduction applies,  the $55,000 drops to $29,700. I don't know whether taxes are then taken out. But, from what I gather, there are no taxes to be paid. In the sexual abuse lawsuit against the Catholic Church, the victims did not pay taxes on the settlements, unlike a bad product or a company ripping off the customers. That really knocks down the amount that I, we, were told the settlement was for.

I don't want this to sound like I am money hungry or itching to get my hands on it. I do this so as to help the other guys. Their attorneys may not update them every Friday like mine does. I will give at least 10% (a tithe) to a church and a charity we support. I look at it like this ... Whatever the final amount is, I would not have gotten anything if I had not joined the suit. In my case, the Scouts did not hurt me, an older, bigger Boy Scout did, and we were afraid of him as he held merit badges and promotions over us and threaten to harm us. I feel awkward accepting anything from the BSA.  My Scout Master was a fine man. I liked him respected him and learned from him.  He would have taken action against our abuser if we had spoken up. But back in the mid 60's, boys had a code: boys don't hit girls, boys don't squeal, boys suck it up and walk it off.

Our abuser spent 13 years in prison as an adult for abusing children. He is on the Alabama Sexual Offenders web site. My wife and I are very blessed that whatever I receive will be invested or used in a good way, after the 10% is given away. I doubt if I will every "enjoy" it. With my heart, I may not be here next year. Hope this helps.

I am not an accountant; however, I believe this is going to fall under injury compensation at the IRS and become not taxable.