Author: SAL

How Hulk Hogan Won $140 Million By Using Lawsuit Funding

How Hulk Hogan Won $140 Million By Using Lawsuit Funding

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Hulk Hogan is a superstar among superstars in the world of professional wrestling. From his start with the AWA to his explosion with the WWF and WCW, Hulk Hogan was the biggest draw ever in sports entertainment. A larger-than-life athlete, he would sell out stadium after stadium. His merchandise made him millions. He even transitioned into becoming an actor. He was truly the first wrestler to ever become a household name.

The fame and notoriety came at a price, though. Throughout his career he has been involved in scandals (steroid trials, videos of him making racist comments) and lawsuits (against his doctor). The biggest, however, came when media blog Gawker posted clips from an illicit tape featuring the Hulkster and a then-married woman. Hogan sued for defamation of character and invasion of privacy, among other things.

Hogan had an issue: he had a case, but not enough money to fight it

One would imagine that Hulk Hogan was rolling in money from all his success in wrestling. While that may have been true, he was no longer at an age where he could perform and rake in the cash. What’s more, Gawker and the defense attorneys had a gamplan: stretch this lawsuit on as long as possible. Request more information, demand more documentation, file appeals and motions to prolong the suit. When all was said and done – from the filing of the first cease and desist letter to the agreement on a settlement amount – the case lasted nearly four years.

The thing is: Hogan probably couldn’t have lasted four years. Litigation is expensive, even when only one attorney is involved. Hogan needed to hire a team of legal experts to win the case. Gawker, being a multi-million dollar enterprise of its own – had hired a comparable team. This was set to be a drag-out brawl.

Hogan’s legal turned to legal funding to have a fair chance at obtain justice

So how did he make it through to the end? An outside source (in Hogan’s case it was billionaire Peter Thiel) came along to provide funding to Hogan to continue the case. Even the legend Hulk Hogan could not last through the brutal trial without some outside help, and he once owned an $8mm estate in Bellair. The truth is everyone needs some financial help from time to time, especially when dealing with a lawsuit.

How did Gawker react to the financial backing? They were shocked and dismayed that he was able to receive the lawsuit funding to put him on the same playing field as the defendant. They fought aggressively to find out how he was able to receive the funding, but to no end. In March 2016, a judge issued a verdict of $140,000,000 to be paid to Hogan. While he won’t ultimately receive that much – Hogan and Gawker agreed in November 2016 to settle for a lesser amount – it shows that the pre-settlement funding helped.

Gawker has probably hoped Hogan would accept a smaller amount, knowing he needed to wrap the case up. With the loan he received, Hogan could last as long in the case as Gawker. They thought that having an outside source might damage Hogan’s cause, but it actually helped. A jury found Gawker guilty and a judge handed down a large judgment.

How everyday people can benefit from legal funding just like Hulk Hogan did, no matter the size or scope of the lawsuit

What is the applicability of this in everyday life? Does everyone who has a lawsuit know a billionaire who’s ready to bankroll them? Obviously not.

Companies just like ours, Nova Legal Funding, fund the lawsuits of everyday people on a regular basis and on a national scale. Our goal at Nova Legal Funding is exactly the same as Peter Theil: to put the less-well-off plaintiff on an even playing field with the insurance giants, which results in cases settling for their true value.

Could Hulk Hogan have gotten a $140mm judgment without outside funding? It’s impossible to say for sure. However, what is known is that the defendant was outraged that it happened because it no longer had the upper hand. The end result is also known: a huge verdict and a victory for the Hulkster.

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NEW TO LEGAL FUNDING?

Learn more about the process:

  • 8 Tips on Pending Lawsuit Loans Every Plaintiff Should Know
  • Ask Yourself: Is Legal Finance Right for Me?
  • The Top 3 Reasons Plaintiffs get Denied for Legal Funding
How to Maximize Your Personal Injury Settlement in 3 Easy Steps

How to Maximize Your Personal Injury Settlement in 3 Easy Steps

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Not every lawsuit is worth a million dollars. If it were up to the insurance giants, no lawsuit would be worth a million dollars. It’s their goal to minimize what they have to pay out on any accident case to keep their shareholders rich. They’ll try every tip, trick, and legal loophole to avoid paying you the settlement you deserve.

Your future doesn’t have to be a crap shoot, though. There are 3 easy things you can do after you’ve had an accident to help guarantee that you receive adequate payment for your pain.

Step 1: Document everything

Regardless of how your proceed – whether working directly with your insurance company, trying to settle directly with the guilty party, or hiring a personal injury attorney – it is vital you make sure you document everything. Make sure you obtain something showing that the other guy was at fault. If it’s a motor vehicle accident, get a police report. If they aren’t obligated to fill one out in your state, or if the guilty driver tries to convince you not to call the police, insist that you do. If you can’t get an incident or accident report (if the accident was a slip and fall on private property, for example), get the contact info of any witnesses who saw the incident. Try to get them to make a statement that day, but if it has to be later, do that.

Take pictures of the scene with your smartphone. Whether it’s a car accident, a fall on defective stairs, or someone leaving you harassing notes, keep all the evidence you can. If you go the route of hiring an attorney, he or she will also be doing this, but it never hurts to cover as much ground as you can yourself.

Step 2: Consult with the right people

First off, it’s important to hire the right attorney. You can do that by asking your friends and family for recommendations, doing research online, and finding a law firm whose experience matches what you need. Hiring the wrong attorney could mean getting a poor settlement or losing your case altogether!

It doesn’t stop there. Make sure you contact the proper medical providers. Your general practitioner is a good place to start, but make sure you’re seeing the proper specialists for your continued treatment. Going to your Uncle Bud who has taken a few massage classes isn’t the right way to go. See medical providers who specialize in your need. Seeing the wrong specialist (or seeing no doctors) can indicate that your injury isn’t severe and that could be very bad for your lawsuit.

If your case is more involved, like a malpractice case or a defective product case, make sure you work with your attorney to hire the best experts. Here you may want to let your attorney take the lead, but if it looks like the wrong people are being contacted, keep doing your research to make sure your case has the strongest people possible on your side.

Step 3: See it through to the end

This one is so important. Going to the emergency room the day of the accident but doing nothing afterwards tells a judge that you aren’t really injured. Missing court dates because you had better stuff to do would indicate to a jury that the defendant is probably in the right. In short, LISTEN to your doctors and your attorney.

If your doctors prescribe for you to go to physical therapy 4x a week for three months, make every one of those 50 appointments. If you start to feel better after a month, that isn’t a reason to stop the treatment. Your doctor knows more about medicine than you do, and when she recommends something, it’s important that you follow that advice. Of course, if you feel she is way off base, it’s okay to get a second opinion before moving forward.

Just as important is to be on the ball on the legal side. Don’t miss a court date. It will be difficult, but make every appointment and sign and return every document your attorney requires quickly. If you have to miss an appointment, don’t just skip it. Let the attorney know in advance so he can reschedule. If you are unreliable in court, it will destroy your chances of a fair settlement.

Sometimes it’ll be hard to make it all the way to a verdict, especially if your case drags on for years. This is particularly true if you can’t work because of the accident and the bills keep piling up. There are companies out there who can help you financially make it through to the end. Getting a pre-settlement loan, or a cash advance, can give you the lifeboat you need to make it to the finish line.

If you do these three things, you’ll be in good shape to get the appropriate justice for your life-changing injury.

APPLY FOR FREE

NEW TO LEGAL FUNDING?

Learn more about the process:

  • 8 Tips on Pending Lawsuit Loans Every Plaintiff Should Know
  • Ask Yourself: Is Legal Finance Right for Me?
  • The Top 3 Reasons Plaintiffs get Denied for Legal Funding