Verdict or SettlementMost cases settle before there is any actual trial testimony in court, but often a jury has to be picked and be ready to hear the case before there is a settlement (the composition of the jury can effect the settlement value of the case).
If the case goes to trial and the jury renders a verdict, it doesn't necessarily mean that the lawsuit is over. Either side can file an appeal, claiming that the jury found against them because of a mistake made by the judge at the trial. Cases often settle while they are on appeal as well.
Payment of CompensationIn asbestos litigation, settlement payments often take place months after the settlement is agreed to. Some payments come in several months after the settlement is reached, some payments will be more than a year later and some settlements can be paid in more than one payment.