Class action lawsuits combine the claims of a group of people who have suffered similar damages committed by the same defendant. Class action settlement largely benefits the group of individuals that initiated the suit. It involves some type of monetary reimbursement awarded to the plaintiffs. A class action settlement is reached when both parties in a class action lawsuit decide that they no longer want to litigate and want to settle the lawsuit, typically with a monetary benefit to the class.
Class action settlement amount varies widely. It can range from a handful of dollars to thousands of dollars per each plaintiff, depending on the damage type and the number of plaintiffs. The money is to cover attorney fees as well. As a plaintiff, you can not argue the settlement or take the settlement. Instead, the right to accept or reject the settlement is granted to the lead plaintiffs.
The preliminary and final approval of the settlement is given by the court. As soon as the defendant and the plaintiffs agree to the terms of the class action settlement, the judge will typically grant Preliminary Approval to the deal. Making the final decision, the court takes into consideration the injury suffered by the plaintiffs and the size of the class. The court approves the settlement if it is “fair, reasonable and adequate”.
After the class action is settled, all the members receive a notice on the details of the settlement. The estimated time of getting your settlement check depends on a number of factors, such as the type of the case, the number of plaintiffs, the defendant’s policy and some other extraneous circumstances affecting payout.
Class action lawsuits contain many complex elements, besides, the rights of tens of thousands of people are at stake. That is why it is crucial to have professional legal assistance to determine your best course of action and have a proper representation in court. The team of experienced class action attorneys at the Margarian law firm has all the necessary knowledge and familiarity of court procedures to provide the best settlement for your class action case.