Judge Approves $250M Rivian investor settlement, awards $60M in fees

[bbonkk]

Check is in the mail....

Sponsored

 

[Hereforthesnacks]

Looks like we need more settlements!

Only down 86% since inception

 

[R1S_SoCal]

Only 24% to the lawyers? That actually feels a bit low. I wonder how much the class representatives got? (In a class action, the individuals who are the "first named people filing on behalf of everyone" usually get a lot more than the class in general.)

They represent the class and have to make and approve the reasonable decisions for all represented. They get minimal recuperation for their time. No class lead gets rich off a class action... they do it to represent the wrong doings and to act on behalf of those harmed. Google or AI says 10 to 15k tops.

 

[CharonPDX]

They represent the class and have to make and approve the reasonable decisions for all represented. They get minimal recuperation for their time. No class lead gets rich off a class action... they do it to represent the wrong doings and to act on behalf of those harmed. Google or AI says 10 to 15k tops.

Look into big corporate class actions. Quite often the "class representatives" are such for *MULTIPLE* class actions. Frequently they're friends or family members of lawyers.

One law firm has a literal "recruiting page" for class representatives. Not "do you have a case you think should be a class action" but "hey, do you want to be a class representative?"

https://www.hbsslaw.com/about/what-is-a-class-rep-class-action-lawsuit

While the "average" class representative award may be small, in these huge multi-tens-to-hundreds of millions of dollar settlements, they can be substantial. ($50k-$100k.)

In this case, it appears to be up to $125,000. Which the document claims is "...a request for reimbursement of the reasonable costs incurred by Plaintiffs directly related to their representation of the Classes…"

 

[UnsungZero_OldTimeAdMan]

Cha Ching! Looking forward to my $4.73 check

I wasn't expecting much when I opt'ed into BMW's $6M diesel emissions settlement. But, when I had completely forgotten about it, I received a check for just under $600. I didn't even buy the car new. So, who knows...

Sponsored