Legal Question in Business Law in Oregon
What am I supposed to do with a "Notice of proposed settlement of class action". I get these things in the mail a few times a year based on stock purchases my deceased husband made and my mom's investments (I've got power of attorney for my elderly mother). They're too much to read so I've been throwing them in the recycle box. Am I blowing it? The one I'm looking at no is from UTSTARCOM, INC. SECURITIES LITIGATION
We're not rich folks, just middle class investors.
Thanks
2 Answers from Attorneys
s a Franchise Attorney I can say it depends on a number of factors. How much you have invested. What's been offered to the class you are a member of, etc. It may be worthwhile to pay an attorney for a half-hour consultation, especially if a big amount is involved. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Foundations, a Professional Corporation
If you do nothing, you will receive whatever benefits for the class have been negotiated by the attorneys for the class. The settlement must be approved by the court handling the case.
The only other thing you can do is object to the settlement, which you are probably not qualified to do. You would need to hire at least one attorney and probably various consultants in order to challenge the settlement or the attorney fees as unfair.
Or you can opt out of the class. That means that you do not receive any of the benefits negotiation for the class by the class attorneys. It means you can yourself sue the defendant for the same transgressions that are the subject of the class action lawsuit. The likelihood you will file such a suit is probably close to zero.
So throw the notices into a box that you keep for a while.
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