How in the world did they come up with $27M as the settlement in the George Floyd case. I have no idea how you place a value on a life but this sort of money seems really high. link

Not looking to debate should there have been a settlement or did the police act correctly.

Just how does one go about coming up with damages?

My intro to business professor said to always break down a big number. Here goes:

> You could spend $1,000 per day (~$30k per month) for ~75 1/2 years (That's a spend rate of 365k per year - way more than most people make per year)

> If you spent $5,000/day (~$150k per month) you'd go ~14 3/4 years. (That's $1.825m per year)


Again, I have no idea how one values a life. I have no idea if $27m is high or low.

It’s the sunshine and roses he brought to everyone’s life’s.

It's mainly the thieving lawyers getting whatever they can.

quote:

Originally posted by konata88:
It’s the sunshine and roses he brought to everyone’s life’s.

I'm in a cynical mood -
Quick check of 1800flowers shows a dozen roses are ~35 (before shipping).

Roughly 771,000 of your closest friends (that's roughly everyone in 11 football stadiums - using NFL average attendance for 2019) could receive a dozen roses.

Well, George finally made good.

quote:

Just how does one go about coming up with damages?

It just takes a bit of creativity, and a willing Defendant, eager to settle at any cost.

I'd say... let them bankrupt the City of Minneapolis... but, thanks to the Dems and Covid relief , we will all pay:


Minneapolis City Council Agrees to Give Family of George Floyd $27 Million in Taxpayer Funded Settlement

The Minneapolis City Council has agreed to give the family of George Floyd $27 million in the largest settlement in the city’s history. The massive civil settlement comes on the heels of congress passing a massive city and state bailout bill under the auspices of COVID.

It is not a stretch to see a situation where Minneapolis is paying out this $27 million settlement because they now have an influx of federal cash to support or replace it.

MINNEAPOLIS (AP) — The city of Minneapolis on Friday agreed to pay $27 million to settle a civil lawsuit from George Floyd’s family over the Black man’s death in police custody, even as jury selection continued in a former officer’s murder trial.

The Minneapolis City Council emerged from closed session to announce the record settlement, which includes $500,000 for the neighborhood where Floyd was arrested. Floyd family attorney Ben Crump called a news conference for 1 p.m. that was to include family members.

Crump, in a prepared statement, said it was the largest pretrial civil rights settlement ever, and “sends a powerful message that Black lives do matter and police brutality against people of color must end.”

https://theconservativetreehou...r-funded-settlement/

Someone hit the ghetto lottery.

He was just starting to turn his life around, he was an aspiring rapper, he loved to sing and dance and was well on his way to developing a cure for Cancer.


...........not

This is reparations, not a settlement, anything to keep the Amish from burning their town down.

quote:

Originally posted by chellim1:

quote:

Just how does one go about coming up with damages?

It just takes a bit of creativity, and a willing Defendant, eager to settle at any cost.

I get that... but if they want to settle at any cost why wasn't it 100M?

Is it tied to insurance premiums? (Hypothetical... city had $30m coverage and incurred $3m in legal fees leaving $27m?)

If the case went to trial, what would a jury have given them?

Imagine the follow-riots if the city wanted to settle for "only" $5M.

Settlement calculator:

Race of officer divided by race of 'victim' (squared if officer is white and victim is black) times number of days of riots plus amount of damage to minority neighborhoods minus number of white city council members = settlement amount or $27 million in this case.

**Yes, the whole process is arbitrary and capricious

**Edited to add: The system was set up so that in theory you had the aggrieved party on one side negotiating a settlement with a city who had people looking out for the interests of the city and the taxpayers. Nowadays, and in this case, you have aggrieved parties negotiating with people who want to stick it to the taxpayers as much as they do - they are both negotiating for the largest settlement possible and no one is looking out for the taxpayer or the interests of the city or justice.

quote:

Originally posted by BBMW:
If the case went to trial, what would a jury have given them?

The city likely thought a jury would have awarded more than that, so this was the “cheaper” option. That’s usually how these things work out; as a simple math problem. However, on the flip side, a jury trial award could have been appealed as excessive and the damages reduced. I’d think that even $27 mil would be consider “excessive” because, based on his history, there is no way George Floyd would have earned anywhere close to that in his lifetime.

Alternately, maybe it’s not the City’s money. Maybe extra free money in the $1.9T pork bill, so the American taxpayers are paying for it.

The odds are overwhelmingly high that that much money will ruin the lives of the recipient.

So, good luck to them.

So the family (or whomever) gets about $15-20M; the rest going to the lawyers?

quote:

Originally posted by Flash-LB:
..he was an aspiring rapper, he loved to sing and dance and was well on his way to developing a cure for Cancer...

Let's not overlook his acting career in niche marketed videos.

quote:

Originally posted by Aeteocles:
The odds are overwhelmingly high that that much money will ruin the lives of the recipient.

So, good luck to them.

They'll be broke inside of 4 or 5 years and looking to get more.

People are poor for a reason.

It's based on his earning potential. hahahahahahahahahahahahahahahahahaha!

His greatest achievement was room temperature.

The big payout is to temper the trial outcome. NOT Guilty.