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Class Action Refund specializes in the recovery of a broad spectrum of class action cases. Our emphasis is on highly complex antitrust filings; these cases are typically Antitrust Class Actions, Financial Antitrust Class Actions, and Security Class Actions. In order to get our clients to understand the settlements that affect them, part of our mission is to educate them.
What Is A Class Action Lawsuit?
A class action lawsuit is a legal action filed against a defendant(s) by a group of individuals or entities that are negatively affected by the alleged harmful or otherwise unlawful action(s) of a defendant(s). These affected individuals or entities can form a “class” of plaintiffs in one lawsuit as opposed to filing hundreds or thousands of individual cases.
When Are Class Action Lawsuits Used?
Class action lawsuits are appropriate when the damages claimed by each plaintiff would result in many independent litigations. By filing a suit as a group, the plaintiffs gain the resources needed to be represented and obtain restitution.
In a class action lawsuit, the group (class) of plaintiffs is represented by one or more lead plaintiffs. The injuries suffered and the allegations alleged by the lead plaintiff must be similar to those of the other class members. Otherwise, the lead plaintiff won’t be a suitable representative of the class.
Before a class action lawsuit can proceed, the class must be certified by a judge. The lead plaintiff must demonstrate that the plaintiffs have a valid claim against the defendant and that all class members have similar claims. The lead plaintiff must also show that it can adequately represent all group members.
Once the class has been certified, the plaintiffs are notified of the lawsuit by mail or other means. All are automatically included in the lawsuit unless they opt-outThose that wish to opt-outust follow a specified procedure. If they fail to do so, they will remain part of the class.
When the suit is settled each plaintiff and class member receives a portion of the cash settlement in accordance with the plan of distribution of the case.
What is Antitrust?
An antitrust lawsuit is any suit filed under federal or state antitrust laws. The lawsuit can be brought by purchasers of a product or service, if the anticompetitive practice may have increased the price they paid.
Examples are:
- A business may have paid an inflated price for goods because several suppliers in a market conspired to fix prices, by agreeing not to undercut each other on price.
- A business might have paid too much because a single company abused its monopoly power in a way prohibited by antitrust law.
- A business may have also overpaid because suppliers engaged in market division by agreeing not to compete in each other’s geographic markets.
Under the Clayton Antitrust Act, a purchaser can bring a class action lawsuit seeking treble damages, equal to three times the amount the company made through its anticompetitive conduct.
