What If I Want to Back Out of My Settlement?

Understanding Second Thoughts After Settlement

There are times when claimants settle a claim and later experience second thoughts for various reasons. In some cases, the Judge of Compensation Claims may determine that a settlement was not actually finalized, allowing the claimant to withdraw from the agreement. While there can be valid reasons for setting aside a settlement, simply desiring more money is usually not sufficient. This mindset can harm your case and may even result in a less favorable outcome for the claimant.

The Importance of Trust in Your Attorney

Hiring an attorney is fundamentally based on trust—trust that you will receive strong legal representation and sound advice about the direction of your case, including the settlement value. Typically, the higher the settlement, the higher the attorney’s fees. Despite this, most attorneys are committed to their clients’ best interests and are not motivated to settle for less than what is fair, due to both ethical standards and professional reputation.

Potential Consequences of Backing Out

Injured workers who choose to back out of a settlement are often surprised to find that future settlement offers are lower than the original. This can occur for a variety of reasons, such as the case losing value over time. For example, there was a case where a claimant was dissatisfied with a favorable settlement, withdrew, and hired a new attorney. The subsequent settlement was for less money, and unfortunately, the attorney mishandled the funds, leaving the claimant with nothing. Afterward, the claimant regretted not accepting the original settlement, but by then, it was too late to reverse the decision.

Making Informed Decisions

It is essential to carefully consider every aspect of a settlement before making a final choice. Discussing any doubts or concerns with your attorney can help clarify the long-term consequences of your decisions. Once a settlement is finalized and approved, it is generally binding, and undoing it is difficult unless there are exceptional circumstances.

Contact Us for Guidance

Throughout Mr. Masnikoff’s twenty-seven-year career, he has worked diligently to ensure that Floridians injured on the job receive proper benefits and maximize their compensation. If you or a loved one have questions about your rights under Florida’s workers’ compensation law or want to know what your case may be worth, please contact us—we are here to answer your questions. Consultations are free. We practice throughout Florida, and you can reach any of our offices at (561) 598-7120(561) 598-7120.