F.A.Q
Answers to the most-asked questions
about class action settlements
Is this a scam?
Can I do this on my own?
Yes. No-cost assistance is usually available from the Class Administrators and Class Counsels during claims-filing periods. No one is required to sign up with any third-party service in order to participate in any monetary relief.
What will this cost?
Unlike law and accounting firms, J.E. Lawrence and Company requires no fees upfront. Once your claim is paid, JEL receives a pre-approved percentage of the payment as compensation for services rendered over the course of the claims process.
Do I need an accountant?
In cases where the Claim Administrator already has an accurate accounting of the size of your claim, no additional effort is needed on your part. If the full and accurate amount of your claim is known only to you, those who normally maintain your accounting records may need to provide this information to include in your claim.
What happens if I choose
not to recover the money?
If you are a qualified claimant in a settlement case and you elect not to submit a claim, the money you would have otherwise received remains in the fund and is distributed to the other claimants.
How much will I be
getting back?
The decision as to what percentage of your claim will be paid to you is a function of the nature of the case, the size of the settlement fund and the number and aggregate amount of claims received. However, large claims can generate $100 thousand – or even $1 million refunds.
How do settlements occur?
When customers or competitors believe a company has engaged in anti-competitive practices, they form a ‘class’ consisting of all the companies that are presumed to have been wronged and institute a lawsuit. Some class action settlements are the result of successfully winning that lawsuit and some are the result of the defendant(s) settling out of court.
Am I really owed
the money?
Yes. If you are a qualified claimant for a particular class action settlement, you are really owed the money.
Why do I have money
coming to me? Why would
I be owed money?
Class action settlements occur all the time. They result from wrong doing by companies who have engaged in unlawful, anti-competitive practices such as predatory pricing, bid-rigging, or price fixing. Unless you actively monitor new cases as they arise, you may not know that your business has a valid claim from a specific settlement.
Who is getting my
information and data?
Every case is different. The Claim Administrator may already have access to an accounting of the claim to which you are entitled. In other cases, the full amount of your claim may be known only to you. In such cases, J.E. Lawrence and Company will advise you to provide documentation of the correct amount so that you receive the full award to which you are entitled. If needed, J.E. Lawrence and Company will advise those in your firm designated to provide it so that we can prepare your claim. The Claim Administrator will use your information to establish the validity and size of your claim.
When can I
expect payment?
Determination of the final submission date for a case is entirely at the discretion of the presiding judge and this date can be extended for any number of valid reasons. Thus, receipt of payment can take several years from the time a claim is submitted. However, since business settlements often involve large sums, submitting a claim is generally worth the effort – especially with JEL managing the process.
What are my options for recovering the money I’m owed?
Determination of the final submission date for a case is entirely at the discretion of the presiding judge and this date can be extended for any number of valid reasons. Thus, receipt of payment can take several years from the time a claim is submitted. However, since business settlements frequently often involve large sums, submitting a claim is generally worth the effort – especially with JEL managing the process.
Then why would I need help?
There are a number of considerations in deciding whether to manage your own claim activity:
- Class action cases can drag on in the courts for years. Keeping up with developments, changes and requests from the court, along with deadline extensions present the risk of “losing track” of the case.
- Assigning an employee the responsibility for managing your case creates the risk of “losing track” of the case as a result of employee turnover – especially in highly active job markets.
- Most employees are fully engaged in the day-to-day demands of their jobs – a condition that makes keeping track of a case which may only need their attention “from time to time” difficult and again, subject to “losing track” of the case.
- There is also the question of whether monitoring, tracking and complying with the changes and decisions that can occur during the settlement claims process is the highest and best use of your valuable time, skills and resources.
Additionally, the chances are you’re reading this because a JEL Account Executive made you aware that you had a valid claim in a specific case. JEL Account Executives make sure our clients also receive timely notice of future cases as they arise so that they don’t miss out on the future refunds to which they are entitled.
Have a question
not covered above?
Don’t hesitate to call us or use the form at the right to pose questions of particular interest to your business.
It could result in a significant refund.
