Class Action Settlements

In legal language the lawsuit settlement occurs when a resolution is reached between the parties that are in dispute. The settlement takes the form of a contract between the parties. This can occur pre-trial or once it is in progress.

Upon settlement the party instigating the suit will drop the lawsuit in exchange for compensation of some sort. Both parties are legally bound by this contract. If one of the parties breach this contract then the court case could resume.

Within a class action lawsuit notices should be sent to class members as part of due process. These notices can include information relating to opting out of the class action and go it alone. The court should be informed of this by the class member if this is the case. If there is a class action settlement a settlement notice is sent out to class members to inform them of the result including full details of the settlement.

The benefits of reaching a settlement include reduced fees and associated costs along with a quicker resolution to the lawsuit. In certain circumstances the details of a settlement are deemed private and confidential and the sued party is not admitting that it was in the wrong.

This entry was posted on Monday, July 2nd, 2012 at 6:36 pm and is filed under Class Action Information. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

 

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