In 2019, there were 428 securities class-action lawsuits alone that were filed. Although this is a common type of lawsuit, there are many other class-action lawsuits filed each year. If you have received a notice to participate in a class-action lawsuit, you need to know what to do next.
Read on to learn about what you should do immediately after receiving a class action lawsuit notice.
Read the Notice
Of course, you should have already read the notice before finding this article and reading it. However, if you haven’t, this is the first step to take. If you already have, read it again to give yourself a refresher.
The importance of carefully reading a class action lawsuit is to check if the definition applies to you. A class-action lawsuit definition is written out in the document, usually in the beginning.
Open class action lawsuits are against a company that harmed an entire group of people. Monetary compensation is usually given to the injured party to help them recover.
Because there is a large number of plaintiffs, the total amount owed to each person is low. In some cases, the injured are significant enough to require a higher compensation amount. Each plaintiff will get contacted by a lawyer.
Choose an Option
Top class action lawsuits have three options for an individual to choose from. After understanding what is a class action lawsuit, you can decide which option is best for you. Some choices provide more compensation than others.
The three options to decide upon are:
Participate as a Member
The first option you can pick after receiving a class action lawsuit is participating in it as a member. This can only be done if you read the notice and fit the description of the case.
When you take part in the lawsuit, you have to pursue the case independently. This means you cannot build a case with a private claim.
You can decide that the lawsuit is not for you and opt-out of participating. To do this, you can fill out a corresponding box and mail it in before the deadline. This is the best option for those who know the lawsuit has nothing to do with them.
Some may decide to opt-out of the class action to pursue a private lawsuit. When you take part in a class-action lawsuit, pursuing an individual claim is impossible.
Participate as a Plaintiff
The last option is to participate as a plaintiff. This means you can fully participate by hiring a different lawyer to attempt to receive greater compensation.
If you need to play a bigger role than the member in a class-action suit, this is the right choice for you. Most do it when their damages are more significant than other participants. As a named plaintiff, you have more at stake so you should hire a lawyer using this link.
Class Action Lawsuit Explained
The most important step to do after getting a class action lawsuit notice is to read it thoroughly. Understanding what the lawsuit is about will help you decide which option is right for you. Be sure to make your choice between the three options before the deadline listed on the notice.
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