Every year, tens of thousands of companies fail to collect the money that is owed to them as a result of class-action settlements. Many think the payout won’t be worth the time they spend in researching and submitting their claim. But, for businesses, filing a claim for the money you are legally owed is almost always worth it for several reasons, and potential class members need to understand the advantages of doing so, so that they can best pursue their rights.
What is a Class-Action Settlement Claim?
To understand a class-action settlement claim, you must first understand class-action settlements. In a traditional lawsuit, a plaintiff makes a claim on behalf of themselves in which their allegations only pertain to the harm they have personally experienced from a defendant.
A class-action lawsuit, however, is brought in court on behalf of a group of businesses (the “Class”) that have experienced similar harm. Moreover, the class can include hundreds, thousands, or even millions of affected businesses.
Class-action lawsuits arise from situations in which a business has been accused of engaging in unlawful, anti-competitive practices such as predatory pricing, bid-rigging, or price fixing. A class-action settlement occurs when the defendant in a class action lawsuit is either found guilty or agrees to settle out of court.
A claim is a legal demand for compensation from an at-fault party. It can be for money, property, or a certain type of action. In a class-action settlement, filing a claim means you are requesting payment of money that you are legally owed.
The Benefits of Filing a Class-Action Settlement Claim
Filing a claim is worth it, especially with experienced claim recovery specialists like J.E. Lawrence & Company managing the process.
Here are a few reasons filing a class-action settlement claim is worth the effort:
A common misconception about filing a claim in a class-action settlement is that class members won’t receive enough payback to justify the effort of gathering data for their claim. While this can be true for consumer claims, claims on behalf of a business often involve large sums. Although the percentage of your claim that will be refunded to you depends on the size of the settlement fund and the number of aggregate claims received, some large claims can generate $100,000 or even $1,000,000. Moreover, while smaller companies usually have smaller claims, their refunds compared to their company’s size can still be significant. Thus, most payouts generally make submitting a claim worth the effort.
Focus on Your Business
Seeking help from a claim recovery specialist also makes filing a claim in a class-action settlement worth it. As the specialist focuses on monitoring, complying, and managing all aspects of your claim throughout the often-lengthy payout process,you’ll be freed-up to do what you do best – run and grow your business. A claim recovery specialist can also inform you when new class-action cases arise for which you may be a class member, so you don’t miss out on future payouts.
Get Help Filing Your Claim With J.E. Lawrence & Company
To learn which of our several current cases you may qualify for, schedule a short no-obligation conversation with one of the Account Executives at J.E. Lawrence & Company. They can help you identify if you are a class member and explain the claim process.