6 Tips For Addressing Cy Pres Awards In Class Actions
Law360, New York (April 4, 2014, 11:39 AM EDT) -- Congratulations! You've just settled a big class action on favorable terms. Now all you need to worry about is getting your settlement agreement approved and implemented. One particular concern is how to address settlement funds that cannot be distributed to class members. The most common (and preferred) answer is a cy pres award of the residual funds to charities or other nonprofit organizations. But you have read that cy pres awards are attracting increased objections and are sometimes overturned on appeal. What can you do to avoid or defeat such objections to your settlement? The answer — adhere to the following...
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