You got a class action lawsuit post card in the mail, asking you to be included. Let me give you some class action lawsuit examples so that you can see if it'll be worth it to you or not to go through the process.
I've got a few class action lawsuit examples for you from my own life, and then others.
About a year and a half ago I received two notices from courts for class action lawsuits.
One was for Lifelock and one was for H&R Block. In both cases the reason for the class action lawsuit was because these companies had failed to disclose all of the fees involved in the services I had used. I was no longer using either of these services at the time of receiving these notices, but I remembered my experience with each.
Class Action Lawsuit Examples in My Own life
During my first year out of college and my first year of full-time employment I decided to use a coupon I had received for H&R Block to get my taxes done because I did not understand taxes very much at the time.
The woman who helped me told me that if I were to open a traditional IRA for $2500 I would get back roughly $825. It seemed like a good idea to me at the time (when does $825 not seem like a good idea?) so I opened an express IRA through their company. Later as I researched and became much more interested in retirement accounts I rolled this over to a Roth IRA with Vanguard.
Lifeguard’s services I had used over the course of several months in order to monitor my credit.
I had filled out class action lawsuit applications in the past, and had never seen any results from it. Still, it would only take a few minutes of my time to fill these forms out and I reasoned that I didn’t have to show up in court (that I knew of from reading the information) or on court tv shows (ha!), and there was potential for gain. In other words, I decided it was worth my time. Lo and behold, about six months later, I received two checks in the mail: $103.82 from H&R Block, and $10 from Lifelock!
Class Action Lawsuit Cases
After this occurred I was interested in learning about other class action lawsuits and their settlements. Below are some that I found in my research.
- Washington Mutual: The allegations are that the bank secretly lowered lending standards, artificially inflated home-price appraisals and failed to disclose its deteriorating financial condition as the loans failed. In the $208.5 million settlement, Washington Mutual will pay $105 million in payments on behalf of the individual defendants, $85 million from the underwriters, and $18.5 million from Deloitte & Touche LLP.
- Express Scripts Inc.: This company allegedly misled consumers when it encouraged doctors to switch patients' cholesterol drug brands under the guise of saving patients and their health plans money. In actuality, they wanted to promote certain cholesterol prescriptions drugs in order to benefit their company. For the settlement, Express Scripts Inc. agreed to pay $9.3 million to Pennsylvania and 28 other states to resolve claims of deceptive business practices, as well as to reimburse patients up to $25 each to cover the costs of needing to revisit their doctors to change cholesterol medications.
- Verizon Wireless: It was alleged that Verizon illegally charged data sessions and internet use when phones were not in use, or when customers mistakenly pushed a button that was pre-programmed to instantly activate the phone's Web browser (this happens to me about once a month). Verizon settled by refunding approximately $90 million to 15 million cell phone users. Refunds of between $2-$6 were given to the customers (by check if they were no longer customers, or by bill credits).
- CitiMortgage Lender Placed Insurance: In the Superior Court for the State of California it was alleged that CitiMortgage allowed the assessment of excessive premiums in its lender placed insurance (“LPI”) program on California properties. CitiMortgage agreed to pay a total sum not to exceed $2,000,000 for settlement class members making valid claims, attorneys' fees, costs and an incentive award to Plaintiff. The settlement allowed for each class member to make a claim of up to $95, which had to have been postmarked by February 12, 2011.
- Walmart Class Action Lawsuit Settlement: In this settlement, Walmart will pay out $65 million to 100,000 current and former cashiers in California because they failed to provide seating for them. This was a 9-year long suit. Walmart has said that on top of the payout, they will give seating to their cashiers…but here's the kicker…only to the ones in California! How bizarre.
I don’t think you will get rich off of class action lawsuits by any means, but it could be worth your time to fill out the paperwork. If you are interested in keeping up with class action lawsuits you can check out this website where you can find details on pending ones as well as whether or not you may be eligible.