Average class action lawsuit settlements
Finding out average class action lawsuit settlements can help plaintiffs decide how much their ideal settlement should be. For instance, a class action lawsuit may be recommended to plaintiffs who can’t fight large companies on their own. In fact, class action lawsuits are an extremely powerful tool. If you are part of or considering joining one, you may be wondering how much is a class action lawsuit? Class action lawsuit payouts depend on a variety of factors. Just because you are a part of one doesn’t mean any settlement payouts will process quickly. This is why it is so important to understand class action settlements, how they are determined, and what options plaintiffs have while awaiting resolution. Read on to find out more.
What is a Class Action Lawsuit?
A class action lawsuit is a legal case type that brings together a group of people. Typically, those involved have been harmed by a product, service, or conduct of a particular company. Furthermore, these lawsuits will involve items such as defective products, misleading advertising, harmful pharmaceuticals, or practices. Each plaintiff will have a small individual claim, but collectively, the damages can be rather substantial.
How to Join a Class Action Lawsuit
If you are looking on how to join a class action lawsuit, try searching up any open cases. Typically, you don’t have to do anything to join class action lawsuit case(s). You don’t have to fill anything out or sign your name on anything. Most of these cases are considered opt-out lawsuits. This means an attorney and a named plaintiff can assert claims of a loosely defined group of non specified individuals without prior knowledge or consent. The attorney can then file everything in one lawsuit. Moreover, if a class is successful, money for lawsuit settlement(s) is awarded to the group. The award is then divided amongst the plaintiffs.
Class Action Lawsuits in the U.S.
In the United States, class action lawsuits are very common. As a matter of fact, you will typically see ads for these types of cases. Alternatively, they will also be available to search online. The legal system allows individuals to band together when they have been wronged. The average class action settlement per person strongly depends on a variety of factors. These factors include the total settlement amount and the number of plaintiffs. This differs from personal injury cases where the compensation is based on individual circumstances. Class actions will involve a set amount that is then split amongst the participants. This is the reason why the average class action settlement per person can vary greatly.
Factors Affecting Individual Settlement Amounts
Like with any case, there are things that can impact your lawsuit’s settlement. It is important to understand the payout you will receive. This includes what types of things can impact your settlement.
- Number of Plaintiffs: If there is a large number of people involved in the case, the per-person payout will be lower. If money from a lawsuit has to be divided amongst multiple plaintiffs, the individual amounts will shrink.
- Total Settlement Amount: This is usually calculated by the nature and severity of the case. High-profile cases with significant damages can result in larger overall settlements. What does this mean? Higher payouts for plaintiffs.
- Attorney’s Fees and Costs: Legal representation is an essential part of class action lawsuits. Additionally, attorneys will usually take a portion of the settlement as their fees. This amount is usually agreed upon ahead of time. Keep in mind, this reduces the per person payout amount.
Examples of Varying Settlement Amounts
Class-action lawsuit payouts vary depending on the case. For instance, in large-scale consumer cases, individual payouts can be low. Whereas, medical cases where the harm and risk are more severe may result in higher payouts.
Some examples of this could look like:
- Consumer class actions: Settlements are usually very modest in this type of case. This includes things like defective products or false advertising. On average, the payout could be anywhere between $10 – $50 per person. This is especially true if the class action size is an extremely large number of people.
- Medical Device Cases: Settlements are usually higher. With these cases, harm is often more significant. As a result, the lawsuit payouts can range from several thousand to tens of thousands per person.
Determining Your Individual Settlement Amount
Once a settlement has been reached, you might wonder how much you’ll get from it. Understanding the process can help you set realistic expectations. Remember, there are factors that help determine your settlement amount. They can also impact your settlement, so be aware. The more you know about the process, the better prepared you will be.
Working with Your Attorney
Having an attorney plays a critical role in determining your settlement. You cannot get a lawsuit loan or pre settlement funding without an attorney. In fact, a reputable legal funder will want your attorney’s details to help determine if you qualify for legal funding. The funder will contact your attorney and will go over the details of your case, as well as the likelihood of success. Additionally, an attorney will help you assess multiple things. For instance, the total settlement, number of plaintiffs, and other legal costs that can impact your final payout. It is important to have open and honest communication with your lawyer at all times. This will ensure you understand the full process of the class action lawsuit, as well as anything you may need to do.
Quantifying Your Losses and Damages
When it comes to a class action lawsuit, personal damages may not amount to much. This differs from something like a personal injury case or medical malpractice. Those types of cases are individual claims, thus entitling you to more compensation. With a class action lawsuit, multiple plaintiffs are included. This means that the settlement awarded must be divided amongst the number of plaintiffs participating. Despite this, it is still important to document all your losses. Whether it be financial loss or health concerns. Use these to quantify your damages. This helps attorneys and the court assign a fair payout. It may not make you “whole again,” but something is always better than nothing.
Types of Recoverable Damages in Class-Action Lawsuits
Moreover, it is important to understand the different types of damages you might encounter. This can help you set realistic expectations for your class action lawsuit. Generally, there are two categories of damages: economic and non-economic.
Economic Damages
Economic damages usually refer to financial losses suffered by plaintiffs directly. This could be as a result of the defendant’s actions or negligence. When identifying this type of damage, it is important to save all receipts and documentation. This will help attorneys figure out the extent of your economic damage(s). Moreover, this could include items such as medical bills, lost wages, and repair costs. Save all your receipts!
Non-Economic Damages
Non-economic damages usually refers to non-monetary concerns. This is not a quantitative thing. It’s more qualitative. This type of damage pertains to pain and suffering, emotional distress, or loss of quality of life. While this can be more difficult to justify, it is possible. In fact, this makes up an important part of class action lawsuits. Especially those involving things such as personal injury or harmful products.
Timeline for Receiving Class-Action Settlement Payouts
This is hard to say. Depending on the size and severity of the issues brought up in the class-action lawsuit, a resolution can take time. To be honest, it’s a waiting game. Once a settlement is reached, it could be months or even years before any money is received.
Factors Affecting Payout Timelines
There are many factors that can affect payout timelines. While it can be annoying to wait for your settlement to come in, it will eventually. Some of the reasons that a settlement can take long are legal proceedings, court approval, and number of plaintiffs. All of these can cause delays to a settlement, and may affect when you will receive any money.
Realistic Expectations for Payout Timelines
Here is the realistic timeline you can expect: 6 months to a few years. Settlements for class action lawsuits can be delayed for multiple reasons. It can take a long time to process them, and it becomes a waiting game for when funds will be available. Keep in mind, court proceedings can take time too. Overall, the full process of participating and winning a class action lawsuit is lengthy. There is never any resolution or gratification overnight. When plaintiffs are participating in such a case, they are usually in it for the long haul. By knowing this in advance, you can better plan accordingly. Especially, if you are in need of financial assistance sooner rather than later.
Options for Financial Relief While Awaiting Settlement
Do not be alarmed! If you are in a class action lawsuit and need financial assistance, there are options available. You can get lawsuit loans or pre settlement funding. These are loans that can be taken out against the projected settlement amount you expect to receive. Essentially, this is a cash advance on your perceived settlement. If you are in a legal proceeding and need help now, legal funding is available to you.
Pre-Settlement Funding from Legal Bay
Legal Bay offers pre settlement funding for plaintiffs awaiting their class action payouts. Our services help provide financial relief when needed most. This means you can cover necessary expenses without the financial strain. The best part? They are non-recourse meaning you only pay if you win!
Key Takeaways and Next Steps
Class action lawsuits are a powerful way to get justice. Especially when large companies and entities cause widespread harm. However, it is important to manage your expectations. You need to understand the factors that affect settlement payouts. If you’re part of a class action lawsuit and need financial assistance, legal funding can help.
Frequently Asked Questions
How much do class-action lawsuits pay?
The payouts for class action lawsuits can vary. On average, they can range from a few dollars to thousands per person. Of course, this depends on the case, issues reported, and number of plaintiffs involved. Less plaintiffs means more money per payout. More plaintiffs means less payouts per person.
Who gets the most money in a class-action lawsuit?
It depends on severity of damages per person. Those who have suffered the most will receive a larger portion. This entirely depends on quantitative and qualitative factors as mentioned above.
Can I get money from a class-action lawsuit if I didn’t file?
Yes, if you are part of the class and meet the eligibility criteria, you can still receive compensation even if you didn’t actively file the lawsuit. Search up any open class action lawsuits if necessary.
Contact Legal Bay Today!
If you are involved in a class action settlement, and need financial help, look no further. Legal Bay is a trusted provider of loans for lawsuits and settlements. We offer fast and reliable law suit funding to plaintiffs. As one of the best pre-settlement funding companies, we’re committed to transparency and customer satisfaction. No hidden fees or complicated agreements. Legal Bay ensures that you get the financial support you need. If your case is especially promising, your pre-settlement funding could be approved same-day! Same day pre settlement loans are definitely an option if your case is promising. Check out some Legal Bay funding reviews to see how we have helped clients get the funding they need.
If you have found yourself wondering “can I borrow money against my lawsuit,” but aren’t sure, look no further. Whether you’re dealing with a personal injury, workplace accident, or another type of lawsuit, Legal Bay is here to help. Contact us today to learn more about our pre-settlement funding options and take the first step toward securing the financial relief you need. Our expert team is standing by to answer your questions and help any way you need.
Ready to get started? Apply for Legal Bay lawsuit funding now and get the cash you need to keep your case moving forward. Contact us today to speak with a funding specialist and take control of your financial future.
