Class Action Lawsuit - What happens?

[coopersmydog]

I'm part of class action law suit, which I have no idea if and/or when I will receive any compensation. There will be multiple law suits over the next 6-18 months. It's a long story, so I won't get into it.

Anyway - There's a chance that the settlement could be somewhat significant (1-15k) on each of these claims. There is also a chance that the settlement will be squat (which is what I think will happen).

How does this work? If I file and get a settlement, does that money go to the trustee? Can it be exempted after a chapter 13 is confirmed?

[AngelinaCatHub]

You would be fortunate to get 50 bucks. The lawyers get most of it. I sued in class for the Masonite action. Took me 11k to re-skin my house siding and I got 2K embursment. To answer question, yes you would have to tell the Trustee. It would be his decision what to do with it. I think also, it would depend on how much. 15K yes. 1K he probably would ignore. 'Hub

[coopersmydog]

Trust me, I'm not expecting anything from this. I didn't even want to bother with the thing, but someone did all the leg work for me, so I went along with it.

I figured that's how it would work. Thanks for the help.

[AngelinaCat]

Hi Cooper: That is a good question. We have the potential of being included in one or more class action settlements ourselves. We are Ch7 and when we went to our 341, we were asked if we were parties to any lawsuit where we might get a money settlement. We said 'no', because (1) in order to participate in any settlements, there is a ton of paperwork to fill out and file, and none of these notifications had come in by the time of the 341.

Now, had we said 'yes' to the question, I have every idea that the trustee would have followed up with questions asking what the case was about, and what kind of money we might expect--implying that he would be interested in getting that money for the BK estate. So, I guess my long-winded answer can be shortened to "yes, the trustee will want the money." Understand this is speculation on my part. Some Ch13 filers will undoubtedly contribute their opinions.

Good luck!

PS: I see 'Hub got in ahead of me. What he is talking about is a class action against the company that made Masonite siding. We had it on our house an it was really bad. This class action was about 12-15 years ago, and was nowhere near any of our BK filing.

[Flamingo]

Class action lawsuits can take many years to settle due to the amount of discovery that needs to take place among other things. If there is a monetary settlement, depending upon the number of class members and attorney's fees, you could end up with just several dollars and, of course, it could get appealed. What you do is mention that you are part of the class action to your attorney handling your BK and you will be advised accordingly to your situation with that matter.

[okiemom2008]

I'm part of class action law suit, which I have no idea if and/or when I will receive any compensation. There will be multiple law suits over the next 6-18 months. It's a long story, so I won't get into it.

Anyway - There's a chance that the settlement could be somewhat significant (1-15k) on each of these claims. There is also a chance that the settlement will be squat (which is what I think will happen).

How does this work? If I file and get a settlement, does that money go to the trustee? Can it be exempted after a chapter 13 is confirmed?

we are part of a class action lawsuit also. Our lawyer said that the Trustee will probably take it all.

[Genenco]

Gee..The previous Class Actions suits I was in, got me $1.44 and $2.89 and a free credit history report...

I got gypped!!!