Neptune Class Action Suits

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Moderator Post: > Maytag Answer to Most Posts - Class Action Settlement by Handyman on 11/29/2004

Don't waste your time if you're looking to recoup costs or damages. Class Action suits are notorious for making money only for the attorneys. Example, I received one in the mail today for a credit card we have. Settlement is $4 million. There's approximately 4 million card holders. Do the math. Now, after the lawyers are paid, We'll be lucky to get anything. Assuming only 1/3 of the people eligible bother to turn in the paperwork, you're talking less than $2/person. But, here's the catch. The first $500,000 of the settlemnt will be divided equally among those who file the claim form. The rest will be divided equally among class memers who actually had their "fixed" rate raised. No one will receive more than $100 or half their balance whichever is less. So, we're probably talking about a lot less than $100 for them and the first set will get almost nothing. This is typical.

Also, what is usually part of a consumer settlement concerning an actual product is that the company is required to provide discounts in the form of coupons to the damaged parties for future purchases. Isn't that what we all want from Maytag? To be able to buy another of their products with a discount.