8 Most Expensive Lawsuit Settlements Ever | TheRichest
Lawsuits have existed for as long as the law itself. Whether commercial, personal, or technical, law disputes are expensive and can put a dent in one’s bank account. Before the settlements, the expenses begin with the court costs and attorney fees. While many lawsuits occur due to money greed, fame, and attention, some cases have a genuine cause for concern. Court proceedings can last forever, which is why people and companies decide for a settlement rather than attending lengthy trials and additional expenses. The biggest lawsuit settlements that have occurred in history surpassed everybody’s expectations.
From messy celebrity divorces to commercial litigation charges, expensive lawsuits always receive heavy media scrutiny. The most memorable lawsuits include the top companies in the world from various sectors, business people, and sports players who decided to settle rather than drag themselves in the court. Here’s a look at the eight most expensive lawsuit settlements ever.
8 Michael Jordan And Juanita Vanoy– $168 Million
Michael Jordan and his wife Juanita were married for 19 years before they divorced in 2007. They married in 1989 in Las Vegas and are parents to three children. In 2002, Vanoy filed for divorce, but she withdrew the petition soon after. In 2006, they announced their official split, and Jordan’s net worth was an estimated $398 million at the time. Vanoy was given $168 million, and Jordan paid legal fees of $2.1 million, as noted by Marie Claire.
7 Tiger Woods Vs. Elin Nordegren – $750 Million
Tiger Woods ended his six-year marriage to Elin Nordegren in 2010 after he claimed to have had affairs with around 20 different women. The judge ordered Woods to pay a hefty amount of $750 million and gave full custody of their two young children to Nordegren. He was allowed to visit his children half of each week without the company of any woman who wasn’t engaged or married to him.
6 Rupert Murdoch Vs. Anna Torv – $1.7 Billion
American-Australian investor and billionaire business tycoon Rupert Murdoch was married to Anna Torv, a journalist, for 31 years. The couple had three children when they divorced in 1999. They separated after Murdoch was caught cheating with Wendi Deng and Torv received an impressive $1.7 billion from the settlement, as stated by The Hollywood Reporter. Two weeks after the divorce was finalized, Murdoch married Deng.
5 Wildenstein Divorce Settlement - $3.8 Billion
Alec Wildenstein, a French-American art dealer, and businessman divorced Jocelyn Wildenstein, his wife of 21 years, in 1999, making it the most expensive divorce of that year. The costly divorce proceedings led to Alec Wildenstein paying his wife a hefty $2.5 billion as well as $100 million each year until the next thirteen years, which totaled a sum to $3.8 billion.
4 Dmitry Rybolovlev Vs. Elena Rybolovlev – $4.5 Billion
Dmitry Rybolovlev, a Russian billionaire, ended his 23-year marriage to Elena Rybolovlev after she filed for divorce. Rybolovlev was accused of being unfaithful to his wife, but he claimed in a statement that his wife was aware of his affairs but accepted it since his net worth paid for her lifestyle. As mentioned by Worthly, the court ordered him to pay her a staggering $4.5 billion after she froze his assets.
3 Apple Vs. Samsung: $40 Billion
Patent disputes are famously expensive, and with the incorporation of technology, they get complicated. Apple first filed litigation against Samsung in 2011, which was followed by a series of infringement suits. The disputes occurred in several courts, and a year later, Apple was given $40 billion in a settlement while some of the cases are still ongoing and remain unsettled.
2 The BP Oil Spill - $42 Billion
Oil spill came with its fair share of litigation cases and became the largest lawsuit that occurred in 2010 after the accidental Deepwater Horizon oil spill in the Gulf of Mexico. According to Connor Reporting, the US government had calculated that 4.9 million barrels were spilled that damaged the marine habitats. In 2013, BP was found guilty on various charges, from manslaughter to misdemeanors. They paid $18.7 billion in fines, while the civil and criminal proceedings cost a total of $42 billion.
1 The Tobacco Master Settlement Agreement (MSA) - $206 Billion
In November 1998, the Tobacco MSA was entered and remained the biggest settlement in history. The settlement occurred between the four biggest tobacco companies R.J Reynolds, Brown & Williamson, Philip Morris Inc., and Lorillard. The companies reduced their product marketing and were asked to make payments to the states under the insistence of Governor Christina Gregoire for the medical costs incurred due to tobacco-related illnesses in patients. They paid the sum of $206 billion during the first 25 years of the settlement.
Some other notable lawsuit settlements are the McMartin Preschool Trial, Country Financial Corporation dispute, and Bank of America Vs. George McReynolds. While corporations and famous personalities use court proceedings for lawsuits, settlements are a less risky and less expensive way to end disputes. From accidental mishaps to dissolving a marriage, settlements are an easy way out for everyone.
Source: Marie Claire, The Hollywood Reporter, Worthly, Connor Reporting.
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