How Do Class Action Claims Work?
A civil lawsuit becomes a class action lawsuit when there is a large group of individuals pursuing similar claims due to damage or injury caused by the defendant. Some of the recent well-known cases include the Wells Fargo class action lawsuit that settled for $575 million or the lawsuit against Monsanto Roundup Weed Killer. These claims often involve pharmaceutical companies, financial institutions, hazardous products, and other types of injury claims.
When a lawsuit is certified as a class action claim, the appropriate court orders that people who’ve been potentially harmed be notified of the case through outlets such as direct mail, email, phone calls, and the Internet—Any person who’s been impacted by the product or action is typically automatically included in the class action claim unless they opt-out of being a class member. Members of the class-action lawsuit aren’t involved in the settlement or trial process.
The Lead Plaintiffs in the case—who are determined based on the initial claims involved in the class action—consult with the class action attorneys to strategize and reach an agreement or rejection of settlement offers from the defendants.
The courts determine the division of the settlement or awarded amount. Attorneys fees and expenses are deducted as well as percentages for the Lead Plaintiff(s), with the remaining amount divided among class members.
Your Class Action Claims Options
Our securities fraud attorneys at Colling Gilbert Wright understand that these claims are particularly complicated and have decades of experience dealing with class action lawsuits. These claims are permitted by Rule 23 of the Federal Rules of Civil Procedure, which applies these stipulations to claims filed by class members:
- There are so many claims from individuals that trying each case separately would be impractical.
- The class has common legal questions or facts.
- Representative parties have defenses or claims typical of the class
- Parties representing the class will thoroughly protect class member interests.
Another option is to opt-out of a class action lawsuit and instead pursue an individual claim against the defendant. That process requires hiring your own attorney. Our Orlando law firm offers FREE case evaluations and can answer your questions about class action claims. Our entire team of stockbroker fraud attorneys has earned the Martindale-Hubbell “AV Rating,” which is an elite distinction given to just 20 percent of U.S. attorneys. We work diligently to pursue justice and compensation for victims of stock market fraud and other areas of securities fraud.
Contact Colling Gilbert Wright today at (407) 712-7300 to discuss your case with one of our experienced securities fraud attorneys. We provide legal services to clients nationwide and are based in Orlando, Florida.