NYC Fraud Victims: What You Need to Know About Pecuniary Loss

On November 20, 2020 by No Comments

No one likes to be a victim of any type of crime, but fraud can be especially heinous and hurtful to recover from on a variety of levels. In most cases of fraud in New York, there’s a major economic component that can make everyday life much harder for victims.

This is why it is possible for fraud victims to recover losses – but they may not be exactly what they expect. Here’s what you need to know about what types of compensation you may be entitled to if you’re a victim of fraud in New York.

What Is Fraud in New York?

Fraud is a crime that occurs when a business or person deceives someone intentionally with the promises of services, financial benefits, or goods that do not exist, was misrepresented, or never existed at all.

Commonly, people give money in exchange for something and never receive what they were initially promised.

It’s important to remember that anyone can fall victim to fraud. Age, education, culture, race, geographic location, and even financial situation don’t make someone immune from this type of crime. In fact, perpetrators often specifically seek out people of certain groups to defraud.

When Can New Yorkers Sue for Compensatory Damages?

In many cases, people seek to sue for something called compensatory damages. These are damages that compensate you for losses or harms you’ve experienced due to the crime.

In personal injury cases, people often seek compensation for emotional, financial, or physical harm that has been perpetrated against them. Compensation can be awarded for a variety of losses sustained in a fraud case, including:

• Expenses related to health care
• Property damage
• Lost benefits or income
• Pain and suffering

When these cases involve actual physical injury at the hands of another, there may also be a need to recover damages for things such as:

• Impairment or disfigurement
• Future loss of benefits and earnings
• Diminished quality of life
• Diminished capacity to earn
• Future medical treatment costs

Some compensatory damages are related to monetary losses. These are called pecuniary losses. Other types of losses are not related to monetary losses and these are known as non-pecuniary losses.

Pecuniary Losses

Pecuniary is literally defined as “relating to money.” Pecuniary damages when discussed in conjunction with personal injury lawsuits are damages that can be quantified in terms of finances. They may also be referred to as “economic damages.”

Common examples of pecuniary damages are:

• Costs for car repairs
• Hospital bills
• Ambulance bills
• Lost wages
• Doctor bills
• Emergency room bills

You can also quantify a person’s loss of capacity to earn and loss of future benefits in this way.

Non-Pecuniary Losses

Losses that are non-pecuniary include damages that are not economic in nature. They are often more subjective in nature and cannot be quantified mathematically. Some examples include:

• Emotional trauma
• Permanent disfigurement and impairment
• Pain and suffering
• Diminished quality of life

Due to the fact that these types of damages are subjective, they often are sticking points when negotiating a case for settlement.

How to Recover Losses

If you are a victim of fraud, then the best thing to do in order to help recover losses is to file a criminal complaint through a law enforcement agency. Then the case can be investigated and the victim can seek restitution.

If you own a business and fraudulent acts have led to losses for you, then you can submit an insurance claim as well. This is only if the acts perpetrated are covered by your policy.

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