Yellow Cab Continues to Operate after Losing $26M Lawsuit and Filing Bankruptcy

taxi accident, DuPage County personal injury attorneysPersonal injury lawsuits are meant to compensate victims for their injuries, loss, and suffering. Unfortunately, even with a verdict, some companies find their way out of paying damages. Among the most recent to do so is The Yellow Cab Company which allegedly filed for bankruptcy immediately after being hit with a $26 million verdict. Even more concerning to many is that, despite filing for bankruptcy, the company plans to continue operating.

Victim Still Suffering a Decade Later

The plaintiff in the lawsuit against Yellow Cab was once a real estate attorney. He had been on his way home from a client dinner when his cab careened off the Ogden tollway exit and into a concrete barrier. He suffered extensive injuries, including brain damage, and allegedly has issues sleeping, suffers from anxiety and slurred speech. Essentially, his life was permanently altered by the crash.

For the last ten years, he has been trying to receive compensation for his injuries. Initially, there was a question as to whether or not the company could even be held liable since they contract to independent drivers. Once a judge ruled that they should, in fact, be held liable for the actions of their drivers, the case then moved to the jury trial in which the victim was awarded nearly $26 million. Unfortunately, the victim may never see a dime.

Yellow Cab allegedly filed for Chapter 11 bankruptcy in an attempt to avoid paying the settlement. The company’s president stated that it was because the company simply did not have the funds. He also indicated that they will attempt to appeal the case. All the while, the company will continue to operate as usual as an innocent man continues to suffer.

Should Companies be Allowed to Continue Operations?

Cases like this force us to look at just how much large corporations get away with. After all, Yellow Cab is far from the first company to have used bankruptcy to shield themselves from financial liability. We should be looking to our lawmakers and expressing our concerns with such matters. Perhaps it is time for there to be laws to protect the public from negligent companies who attempt to skirt around liability and continue to put the lives of the public at risk.

Injured by a Taxi Driver? Seek Skilled Legal Assistance

If you or someone you love has been injured by a taxi cab, taxi service, or taxi driver, do not attempt to go after a settlement alone. As highlighted by the Yellow Cab case, many cab companies contract out, and they may try to use this excuse to release themselves from liability. The skilled Hinsdale personal injury attorneys at Martoccio & Martoccio provide aggressive representation to taxi cab accident victims. Schedule your free initial consultation by calling 630-920-8855 today.

Source:

http://abc7chicago.com/business/yellow-cab-bankruptcy-prompted-by-$26m-verdict-/563819/

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