If you are sued, it sounds lije you will have strong defenses. The release should be signed before the plaintiff receives the funds. Then you would have an affirmative defense of "release." Even if it is not signed, if the plaintiff accepts the funds, you would have affirmative defenses of "payment" and "accord and satisfaction." if you are sued, you may also have a counterclaim for breach of contract. If your insurer pays out your policy limits and fails to get a release, look into suing your insurer.
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As apart of the settlement the plaintiff will sign a release from liability so I would not be concerned with that. I would be concerned with the state attorneys office coming after you for criminal charges. Leaving the scene of an accident with personal injury is a third degree felony and is a serious charge.
I would advise you to consult with a local criminal defense attorney and discuss the situation.
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Your insurance company likely required a release of all claims from the injured person in exchange for the policy limits. If so, then no, the injured party cannot sue you as he gave up the right to do so in exchange for $250k.
Can you or is it likely that you will be? Anyone can be but the likelihood is that your insurance company covered that in the settlement and they have accepted the benefits of the settlement and will not likely thereafter to be able to sustain an action filed against you. I wouldn't worry about it. Sad though that your carrier felt compelled to settle at all. Then they will turn around and blame other plaintiffs with legitimate claims for causing the injustices and high cost of insurance.
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