This case involves a patient – the CEO of an agricultural chemicals company – who being treated for metastatic cancer that had been in remission for some time. He was seen several times by an oncologist who failed to detect the emergence of a new tumor despite regular testing and visualization of the mass on imaging studies. The patient was ultimately killed by his cancer at a fairly young age, and his company suffered significant issues as a result of his death. A forensic economist was requested to review the matter and opine on the loss of income for the company and the individual that resulted from the patient’s illness and death.
Question(s) For Expert Witness
- 1. Have you previously conducted loss of income calculations for a wrongful death case? If so, please describe, especially if there were similarities to the case at hand.
- 2. What methodologies or materials would you use in your calculation?
Expert Witness Response E-136560
In my career, I have performed over a thousand calculations to determine lost income for both individuals and corporations (litigated matters and non-litigated). In regard to this matter, I have calculated damages with respect to wrongful death matters many times, and have several I am working at the present time. These matters result from workplace injuries, professional negligence, product liability matters, to fatal auto accidents. The materials needed would consist primarily of work history of the decedent, salary information, education level, dependent information and background information regarding lifestyles, expenses and the like. On average, I review approximately 100 matters per year. Many of these are in a consulting role for insurance company liability adjusters and attorneys, as most matters these days do not go to trial due to the costs involved or expanded availability of ADR proceedings.
Expert Witness Response E-084927
I have conducted loss of income calculations in numerous wrongful death and other personal injury matters. I have also opined on lost earnings for high earning individuals such as CEOs, Physicians, Bond Traders, and Entrepreneurs. While every case is unique, I would typically consider the decedent’s earning’s history, occupation, education, future earnings capacity, life and work-life expectancies when evaluating lost income. Material that I often rely upon include tax returns, payroll records, financial reports, benefits statements, life expectancy and work-life studies, industry forecasts and compensation studies. Of course, I would also need to discount lost future earnings to present value.