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What factors into a wrongful termination settlement?

In some cases, if you file a lawsuit for wrongful termination, your former employer will want to meet with you and your legal team to agree on a settlement outside of the courtroom. Companies are often inclined to try to reach a quick settlement for many reasons -- including protecting the company's public image.

If you are considering a settlement, it's important to know what factors should play into the amount that you are paid. The biggest three are:

1. Emotional distress: You may have been stressed out about paying the bills, embarrassed to tell your friends and family you'd been fired, or distressed for other reasons. Losing your job can be traumatic, especially when it happens suddenly and unfairly. Others factors to consider along with it are sexual harassment, discrimination, or other things that may have happened -- which could be what led to the wrongful firing in the first place.

2. Lost benefits: When you were employed, you may have had a pension plan, dental insurance, medical insurance, free daycare, a company car, and many other benefits. Being fired stripped you of these benefits, some of which you may have needed to pay for out of your own pocket.

3. Lost wages: Of course, being fired also means you lose your main source of income until you find another job. If you were fired illegally, you could seek compensation for all lost wages -- and possibly even future wages.

Settlements are not used in all cases, but it's wise to know how they work and what benefits they may provide to you in Michigan.

Source: FIndLaw, "Wrongful Termination Settlements: What Can I Expect?," accessed Aug. 03, 2016

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