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damages |
Also found in: Medical, Legal, Encyclopedia, Wikipedia | 0.04 sec. |
damagesIn law, compensation for a tort (such as personal injuries caused by negligence) or breach of contract. In the case of breach of contract the complainant can claim all the financial loss he or she has suffered. Damages for personal injuries include compensation for loss of earnings, as well as for the injury itself. The court might reduce the damages if the claimant was partly to blame. In the majority of cases, the parties involved reach an out-of-court settlement (a compromise without going to court). |
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| Controversy over the tax treatment of contingent legal fees (not deductible as a trade or business expense) incurred in the recovery of taxable legal damages is not a new issue. A recent obituary in the New York Times told about Frank Smith, "who as an inmate leader at Attica prison was tortured by officers in the aftermath of the prisoner uprising of 1971 and then spent a quarter century successfully fighting for legal damages. ``He has taken more big corporate special-interest money per hour than any governor in California history - now he's trying to take away a law that's already on the books to help Wal-Mart and other large businesses that could be on the hook for millions of dollars in legal damages for cheating their employees out of meals and rest breaks. |
Legal damages
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