Settlement

Air Safety Week, April 23, 2001

In the case of the July 25, 2000, fatal crash of an Air France Concorde (still under investigation by French authorities), damages have been settled at $1.2 million per seat, according to sources. The terms between plaintiffs' attorneys, insurers, the carrier, et al., were settled in the last two weeks. The $1.2 million is about 60% less than the $2.7 million statistical value of a life traditionally used in the U.S. for cost-benefit purposes.

In the Concorde case, the $1.2 million amounts to a total settlement of more than $115 million for the 96 passengers killed in the crash. The amount per each passenger is to be distributed among the rightful claimants. Plaintiff lawyers' clients have until April 30 to accept or reject the terms. By the way, the $1.2 million is a net offer; the insurers reportedly will be absorbing the attorneys' fees. >TK