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Pay out from courtcases for children reaching 18 lower

  • 05-04-2014 1:21pm
    #1
    flowers345
    Registered Users, Registered Users 2 Posts: 89 ✭✭


    Children who win a case in the courts do not always get this money.
    It used to be stored in a bankaccount with a low interest.
    Nowadays a broker puts all this money into 'safe' investments on the stockmarket.
    When they reach 18 the children get less than they won.
    Is this legal at all? Can the state gamble on the stockmarket with this money?


Comments

  • #2
    Pat Mustard
    Registered Users, Registered Users 2 Posts: 9,554 ✭✭✭Pat Mustard


    Do you have a link to support your assertion that people are receiving less than they were awarded, upon attaining majority?


  • #3
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    The Mustard wrote: »
    Do you have a link to support your assertion that people are receiving less than they were awarded, upon attaining majority?

    Some would. Some wouldn't. There are a number of options that the court will take when investing and investments can go up as well as down.

    There was a large number of minors whose money was partially in banks during the boom era and that portion was wiped out.

    However holding money as cash or in a deposit account can also be considered a gamble. If the interest is less than the rate of inflation the money they are receiving is worth less than they were originally awarded.


  • #4
    Pro Hoc Vice
    Closed Accounts Posts: 6,087 ✭✭✭Pro Hoc Vice


    Here is the report for 2012 http://www.courts.ie/Courts.ie/library3.nsf/(WebFiles)/48D0579EC8ECC2AE80257B350047C74B/$FILE/Report%20and%20Financial%20Statements%202012.pdf

    I have never heard of any minor getting less than invested.


  • #5
    No Pants
    Closed Accounts Posts: 3,347 ✭✭✭No Pants


    Not a minor, but this is almost on-topic.


  • #6
    Pro Hoc Vice
    Closed Accounts Posts: 6,087 ✭✭✭Pro Hoc Vice


    No Pants wrote: »
    Not a minor, but this is almost on-topic.

    The topic is the investment of funds by the courts service for minors and wards, while the article is about a person who is neither having their fortune gambled by a private company and the courts stepping into compensate the person.

    I have still not seen any evidence of a minor losing any if the award and I would say it's almost impossible as all minor awards are put in a general fund which is then invested across a broad range of safe investments. From my reading of the above report there is no evidence of loss.


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  • #7
    No Pants
    Closed Accounts Posts: 3,347 ✭✭✭No Pants


    Pro Hoc Vice wrote: »
    The topic is the investment of funds by the courts service for minors and wards, while the article is about a person who is neither having their fortune gambled by a private company and the courts stepping into compensate the person.

    I have still not seen any evidence of a minor losing any if the award and I would say it's almost impossible as all minor awards are put in a general fund which is then invested across a broad range of safe investments. From my reading of the above report there is no evidence of loss.
    Agreed. I was pointing out that if this was happening, it could and would be reported.


  • #8
    Peregrinus
    Registered Users, Registered Users 2 Posts: 26,989 ✭✭✭✭Peregrinus


    The usual criticism of the management of funds in court is that it's excessively conservative and prudent, and the investment strategy risks the erosion of real value in order to avoid any risk of the loss of nominal value. If this criticism is true, then the real risk to funds in court is inflation, not volatile investments.


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