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What are my obligations as a member of a class action?

As a member of the class who did not petition the court to become a lead plaintiff (i.e. fill out a certification) you have no obligations. If the action is resolved in favor of the plaintiff class, members are sent a notice and a claim form that provides instructions on how to receive a share of the settlement or verdict. If you own the shares directly you can expect that this notice will be sent to you. If the shares are owned in street name, the notice will be sent to your broker who then has the responsibility to send it directly to you. If you filled out a certification or otherwise petitioned the court to be appointed as lead plaintiff you may have additional

Other Class Action FAQs

Q: What is a "class action" lawsuit?
A: A class action is a case brought against a company whose actions have damaged many people in a similar way. If the case results in a successful recovery, either … More
Q: What types of lawsuits end up as class actions?
A: There are many types: shareholder class actions, consumer class actions, class actions for employment discrimination and the like. Any time large groups of people (or … More
Q: What legal remedies are available for successful class actions?
A: Most class actions are filed for compensatory (money) damages. Class actions may also be filed to resolve disputes over a "limited fund," where the money … More
Q: Can consumers bring class actions relating to products or services?
A: Absolutely. There have been many successful class actions brought by consumers. Signs of consumer fraud include: Misrepresentations regarding a product or a service. … More
Q: How many people are needed to bring a class action?
A: A single person who has been injured may bring a class action on behalf of everyone who has been harmed. It is common, however, after the action has been started for … More
Q: How is a class member informed of his or her rights?
A: If the court allows a case to proceed as a class action, the court authorizes a notice to be sent to class members informing them of their rights. The court will order … More
Q: If I have a claim, should I file my own lawsuit?
A: The answer depends on the nature of the suit and individual circumstances. Some class actions seek recovery for a large group of people; however, individual damages … More
Q: When am I entitled to bring my claim in federal or state court?
A: You are entitled to file your complaint in court unless you signed a written customer agreement that contains an arbitration clause. Because most brokerdealer … More
Q: How do I join a class action?
A: Generally, before a court certifies a class action, it must conclude that there are too many class members for them all to be named as parties in the lawsuit. … More
Q: Do class actions produce substantial recoveries?
A: While the result obtained ultimately depends on the strength of the case, it is a myth that class actions do not produce substantial returns for claimants. For … More