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Hi! If so, how would I go about collecting? Class action lawsuits, including securities class action lawsuits, are a large and growing source of unclaimed funds. The content on Money Crashers is for informational and educational purposes only and should not be construed as professional financial advice. May 8. What is the name of that company, what is their address, and what years did you work there? If you are faced with a serial objector looking to use your case as the vehicle for an appeal challenging cy pres awards generally, then you should request a hearing, make a record, and ask the judge for an opinion denying the objections. Chris.gruse@aol.com. First, the role of a judge at a fairness hearing is to decide whether a private settlement agreement meets the requirements of Federal Rule of Civil Procedure 23 (or a state law equivalent) and protects the rights of absent class members. What Happens to Unclaimed Class Action Settlement Money? One obvious and important problem is what to do about any undistributed residue after distribution of the settlement funds to class members. Remember, though; just because you purchased something and its on the list, it doesnt mean you qualify, so be sure to closely read the fine print to ensure youre eligible for the lawsuit. The settlement agreement may specify that any unclaimed settlement proceeds will be returned to the corporate defendant. Please try again later. 2007)), and because the defendant has agreed to pay a set amount in exchange for releases from class members (see In re Motorsports Merch. They sent me a text stating that i got a check coming? National settlement agreements that include local cy pres recipients are generally approved, particularly if they propose both national organizations and local organizations and explain the local connection. This was one of the largest class-action lawsuits ever, forcing VW to pay more than $14.7 billion to more than 475,000 diesel car owners. There may be a time limit on claims, so prompt action should be taken. However, even if you think its unlikely theres any missing money in your name, it cant hurt to check. They could be worth thousands of dollars to avid coin collectors. Deadlines to file both of those claims have passed, but more may yet come. 2013); Diamond Chem. Trust Fund Payments Before commenting, please review our comment policy. What was the settlement agreement concerning unpaid funds for this class action? While you can wait for the mail, this doesnt always work as your mail can get lost or you may mistakenly think of it as junk mail and throw it out. unredeemed savings bonds, Social Security $478 million uncashed postal money orders, Internal Revenue Service $1.5 billion undelivered & uncashed tax refunds. That record will serve as the foundation for the parties subsequent arguments on appeal that the trial court exercised reasonable discretion in overruling the objections and approving your cy pres provision. This occurs for many reasons: Few class members actually submit claims for small recoveries in large consumer class actions; class member address lists are outdated; class members dont open or dont trust mail about the settlement; and settlement checks go uncashed.