Class actions

Class actions

Class Action
Class actions and class action lawsuits

Class Action Lawsuit Against

A class action lawsuit begins when an attorney is hired and a company put on notice to correct a potential problem.

The attorney does some research and files a suit for one or more parties with the court. The attorney takes depositions, and asks that the court certify the case as a "class action" where all people in the same circumstances get redress. The court agrees and certifies the case.

The court directs that notice be given to all parties having a similar claim for the duration of a particular time period. They are to be notified (generally by the defendents' attorneys) so that they may be informed and have input into the case. This is where all parties, including the person or persons who bring the claim, are treated equally. This means that all class members are supposed to have equal input, rights to any monies, remedies ordered by the court, and so forth.

There are often several notices mailed to class members over the course of the case. The first notice is to accomplish the above - plus the added purpose of giving a person the option to "opt-out" (not be a party in the case) and not be represented by the party who established this case and is issuing the notice.

At some point in time, the parties will either reach an agreement, which is presented to the court for its approval as to fairness, etc..., or the case is tried and the judge renders a decision. It should be noted that most cases are settled by agreement by the parties and approved as being fair and equitable by the court.

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“With local authorities having invested heavily in banks, the recent spate of banking failures spells very bad news for their escalating pension fund deficits. But we are seeing banks increasingly being brought before the Courts – therefore there is a vast opportunity for pension fund managers to exercise their legal right to participate in these lawsuits and seek redress for their losses.”

Stephen Everard, MD, GOAL Group

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