Are you aware that you might be entitled to a slice of several billion dollars in class action settlements each year? Companies are frequently sued collectively by groups of people who have faced similar wrongs—and these types of suits can result in hefty compensation payouts.
This article will guide you through the process of discovering whether you might be part of a class action suit and, if so, how to claim your rightfully deserved compensation.
What is a Class Action Lawsuit?
A class action lawsuit arises when a group of people experiences a similar injury or harm due to the actions or negligence of a company or organization. Instead of filing individual lawsuits, they come together and file one collective lawsuit represented by one person or a few individuals.
This form of legal action allows a large group to assert their rights in an organized manner.
How Do You Participate in Class Action Lawsuits?
To receive money from a class action lawsuit, you need to actually make a claim. Even if you would be owed compensation for the suit (because you were personally affected), you won’t get a payout unless you go through the proper channels. The way you do this depends on your country of origin, but you typically have to give a claim to a Claims Administrator.
You must submit a claim before the deadline (the deadline will be disclosed on the class action of choice), and previous contact with your Counsel doesn’t count as submitting a claims form. Anyone who qualifies can submit a claims form online, by email or fax, or by snail mail.
If you change your mind and opt out of the lawsuit, you won’t receive compensation, regardless if the suit is in your favor. Don’t opt out unless you don’t want to receive money.
How Do I Receive Information Regarding a Class Action Suit?
There are multiple ways to receive information regarding a class action suit. These will change depending on the status of the suit. These statuses include open, pending, and closed.
Open to Claims
Trusted news websites like Lawsuit Legal News are great sources of open lawsuit information. With that said, you don’t have to wait for a lawsuit to be underway to join it. If you have enough people who were affected by an action, you can start your own class action with an attorney.
You can also use the Consumer Action Lawsuit database to view, sign up for, and submit a claims form. If there are enough people to sign up for the class action, it will go through. Once this happens, you’ll be updated via your preferred correspondence when it goes to “pending.”
Status Pending
Once your lawsuit becomes “pending,” you can no longer sign up for it. If the business owner sued doesn’t have adequate insurance to cover the charges, it’ll more likely go to court. There are many reasons why a case may or may not be thrown out, but pending implies it’s in session.
At this point, your attorney will give you updates on your claims. Certain websites may receive these updates, but you’ll likely be the first to know if you’re receiving correspondence via email. If you need a personal update at any time, you may be able to speak to the courthouse.
Closed Case
A “closed case” means that the courts have reached a verdict, which usually comes in the form of a settlement. You are typically notified of the verdict before you receive the money (especially if you’re using email). The attorney or courthouse will send a mass message updating you.
If you don’t receive an update for a long time and, through your research, you find that it was closed (i.e., via the news or the Consumer Action lawsuit database), contact the lawyer. If the lawyer isn’t available, contact a Claims Administrator, the courthouse, or your government.
How Will I Receive Money From the Lawsuit?
Participants usually receive money from a class action a few months after a winning verdict. The money you receive depends on the amount in the suit and how many people are awarded.
In most countries, federally incarcerated inmates will receive the funds first because they’re transferred to their prison accounts. Non-federally incarcerated inmates are given a check. The check can take a few business days to arrive, but you can cash them when you get them.
Keep in mind that court and lawyer fees will be deducted from the amount you receive. This won’t be a high amount, especially if there are plenty of people participating in the suit.
In Conclusion…
You could be eligible for compensation, and the process of checking isn’t as daunting as it seems. So why not take a few minutes to verify if you’re owed a piece of those billion-dollar settlements? It might just prove to be time well spent! Your entitlements are out there!