Financial Power Services

Class Action Settlement Refunds 101

FPS
Thursday, December 12, 2019 04:44 PM Comment(s)

What Every Eligible Class Member Needs to Know

Before deciding to file a claim for your monetary portion of a class action settlement, you should be aware of the potential costs involved in the claim recovery process, the all-important deadline to file, and the specific details included in the claim forms that vary on a case-by-case basis.





Costs

Often there is time and administrative costs in preparation and filing your claim. Additionally, there are usually opportunity costs if you do not make the most of the claim you file. Many Class Members decide to hire a professional 3rd party firm such as FPS to assist them in filing a claim so that they can 
  1. be assured they are getting the most monetary value from their claim,
  2. increase the chances their claim will be accepted, and
  3. substantially reduce or eliminate the costs of time and administrative burden if they had decided on filing on their own.

This is why a 3rd party firm such as FPS is used by Class Members for claim filing assistance. FPS provides assurance that they will get their claim filed properly and on time, with a laser-like focus on increasing the value of the eligible claim by leaving no stone unturned in the research and supporting documentation process. FPS is used by Class Members for claim filing assistance. FPS provides assurance that they will get their claim filed properly and on time, with a laser-like focus on increasing the value of the eligible claim by leaving no stone unturned in the research and supporting documentation process.

FPS charges nothing up front. Our firm receives a contingency fee based on what the Class Member receives from the settlement.


Deadlines

As an eligible Class Member, there are a few important deadlines to know; the Opt-Out Deadline, and the Claims Filing Deadline. Often there may be additional deadlines in certain cases. Therefore, paying attention to case notices and legal documents is important.


The Opt-Out Deadline is the date by which an eligible Class Member must decide to opt out of a class action case. These Class Members can choose to opt-out if they do not want to be bound by the Court’s decision in the class action suit. Opting out of a class action suit means that you won’t be a part of the group of people that are involved in the class action lawsuit. This Opt-Out Deadline occurs before the Settlement is approved by the Court. If you do not proactively Opt-Out by the deadline, you are bound by the decisions and resolutions made by the court in the Class Action Settlement.


The Claims Filing Deadline is the date by which you must file a completed claim with the Settlement Administrator in the case. The Settlement Administrator is the entity approved by the court to administer the settlement process, which includes reviewing and processing submitted claim forms and supporting documentation.


FPS works with you to make sure you meet all required deadlines.


Claim Forms

Claim Forms vary in complexity and are uniquely tailored to each Settlement. To make the most of your claim and assure its approval by the Settlement Administrator, it is imperative to file your claim accurately, promptly, and with the proper supporting documentation.
  • Accurate – Claims cover specific activity and purchases that occurred over a specific time period, often 10 or more years. To insure accuracy we include all potential related  business activity during these periods.
  • Prompt – Filing by the Claims Deadline. We promptly respond to any requests from the Settlement Administrator concerning additional information within their requested time frames.
  • Proper Supporting Documentation – Each case often requires supporting documents such as, but not limited to: receipts, invoices, purchase orders, or other detailed supporting documentation. On a case-by-case basis FPS determines what exactly is required, what needs to be collected, and how this all should be organized and formatted for claim acceptance. As we do this we also respond to any requests for more information from the Settlement Administrator, which can be a time-consuming and burdensome but can also result in a successful monetary claim and payout.

FPS works with you to file your claim accurately, promptly and with the best available supporting documentation.
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