Cy Pres Trends In Class Action Settlements

Law360, New York (March 4, 2014, 4:49 PM EST) -- The legal doctrine of cy pres is a French term meaning "as close as possible." Having roots in trust law, the doctrine allows for a gift in circumstances where the recipient no longer exists, so that the donor's wishes are fulfilled as nearly as possible. In the class action context, the cy pres doctrine allows for the distribution of unclaimed settlement funds to charitable causes, whose causes indirectly benefit the injured class. Such charitable donations have long been a common component of settlement agreements to resolve...
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