Class Action Notice - Officially NOT submitting a claim!

[Yota2R1T]

Just got this notice in the mail.
I continue to be baffled that this type of litigation occurs and gets settled regularly. It seems egregious, but maybe I'm just cynical.
Anyways, I'm officially not participating out of principle, though the act is meaningless in the grand scheme.
Be well!

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[Hereforthesnacks]

Eh, I think there were some decent Rivian missteps. Judges are pretty good about snuffing out the BS.

 

[UnsungZero_OldTimeAdMan]

Such suit and settlement exists is because it's gray enough where it's not worth Rivian's time and reputation to risk a trial. Like 99% of class action suits, those who opt-in rarely see any meaningful compensation. Most of the $ goes to the law firm. Almost all I've been a part of, the settlement wasn't even a dollar. One surprising exception was the one against BMW regarding diesel emissions. That one, the check was around $360.

 

[BigSkies]

Eh, I think there were some decent Rivian missteps. Judges are pretty good about snuffing out the BS.

Unless I'm mis-reading it, this is a settlement and not a legal judgement. That means Rivian and the plaintiffs attorney settled out of court so that it wouldn't go to trial in front of a judge/jury.

The existence of a settlement says very little about the merits of the case. It just means the plaintiffs attorney's saw an opportunity and Rivan chose to settle instead of take it to trial

 

[CharonPDX]

The settlement is a fixed amount of money. If you don't claim your part of it, that's a cent or two more to each other class member. Rivian won't pay less money, the lawyers won't make less money.

I go ahead and take settlements. This will be the third "stock price overvaluation" settlement I've gotten money from. I'll do the same thing I did with the previous two - I'll buy more stock in the same company. :-D

 

[portdirect]

@Yota2R1T Rivian has already agreed to settle, opting out doesn’t change anything. The fund is there either way. Not filing a claim just means you’re leaving money on the table.

There’s also a practical point. The more shareholders who file, the more the pool gets spread out, which lowers the per-claim payout and reduces the upside that makes these cases attractive in the first place.

And realistically, Rivian owners and supporters are probably the best people to receive that money. If it goes back into vehicles, gear, service, or even more shares, it stays in the ecosystem instead of ending up somewhere else.

Filing a claim isn’t endorsing the lawsuit - that already kinda happened - in that Rivian chose to settle for $250mn rather than go to trial.

 

[waitingonanr1s]

More money for my claim then - thanks. It's quite an involved form to complete to claim - it's on my list to do when I get time.

 

[madhat]

The only smiles from these stupid lawsuits:

We need more of these:

 

[Dasoss]

Such suite and settlement exists is because it's gray enough where it's not worth Rivian's time and reputation to risk a trial. Like 99% of class action suits, those who opt-in rarely see any meaningful compensation. Most of the $ goes to the law firm. Almost all I've been a part of, the settlement wasn't even a dollar. One surprising exception was the one against BMW regarding diesel emissions. That one, the check was around $360.

I frequently receive these notifications.. I used to apply to join the suit. I have decided that it is not worth it. It takes considerable time and research to find the documents to prove that you are a member of the class. You send all of the stuff off and several weeks later you get a small check. The lawyers get most of the settlement. Institutional investors like life insurance companies or pension plans get most of what's left (they had a much larger stake). I usually just shred these). The only good reason for opting out is if you plan to sue seperatly.

 

[UnsungZero_OldTimeAdMan]

I frequently receive these notifications.. I used to apply to join the suit. I have decided that it is not worth it. It takes considerable time and research to find the documents to prove that you are a member of the class. You send all of the stuff off and several weeks later you get a small check. The lawyers get most of the settlement. Institutional investors like life insurance companies or pension plans get most of what's left (they had a much larger stake). I usually just shred these). The only good reason for opting out is if you plan to sue seperatly.

Some do not take much effort to join. The BMW one, all it took was image of bill of sale proving ownership. And I bought the car used. I looked into this one. All that is required is proof you acquired and held shares during a specific period. And that’s easily done by looking up your investment account’s history during dates shown. Like already been said, the case is settled. Right or wrong is moot. This is how the legal system is. All that remains is if investors get some of their money back and how much.

 

[Webleyaz]

Just received notice of a settlement I was unknowingly a part of. Early retirement for me! Lol! I, of course, didn't notice the $2.71 applied to my account. I think I'll sue the lawyers for keeping my current lot of shares depressed because of their money grab. Honestly, is any class action plaintiff made whole?

 

[UnsungZero_OldTimeAdMan]

Just received notice of a settlement I was unknowingly a part of. Early retirement for me! Lol! I, of course, didn't notice the $2.71 applied to my account. I think I'll sue the lawyers for keeping my current lot of shares depressed because of their money grab. Honestly, is any class action plaintiff made whole?

Every shareholder during dates shown is eligible and notified. But none are part of the settlement until they opt in and file a claim for their slice of settlement. And how much that ends up being depends on how many opt-in by claim deadline. You are not part of anything yet if you haven’t filed a claim. You’re just eligible based on trade records. No one is made whole. It’s the lawyers who benefit most.

 

[CharonPDX]

There’s also a practical point. The more shareholders who file, the more the pool gets spread out, which lowers the per-claim payout and reduces the upside that makes these cases attractive in the first place.

Eh… The lawyers get the same amount no matter what, the "class leads" (the few people who actually convinced lawyers to file the lawsuit) get the same amount. The only people who are impacted by a few people not joining the "class" are the "class at large."

In a class this big, that's going to be a cent or two difference per recipient if even a few hundred people choose not to participate. And of course the people who choose not to participate don't get their share.

Unless an entire class "opts out", or you're a very famous person making a public point about opting out, any individual opting out has zero impact whatsoever on this class action or future class actions.

 

[UnsungZero_OldTimeAdMan]

In a class this big, that's going to be a cent or two difference per recipient if even a few hundred people choose not to participate. And of course the people who choose not to participate don't get their share.

Unless an entire class "opts out", or you're a very famous person making a public point about opting out, any individual opting out has zero impact whatsoever on this class action or future class actions.

That is the assumption, based on how class action suits are typically. And I assumed the same, until that BMW diesel settlement ($6M), which proved the assumption isn't always true. So what each claim will receive out of this remains to be seen. This settlement is $250M.

 

[Tim-in-CA]

Took less than 15 min to file the claim. I use Merrill Lynch and I exported a list of all my holdings that included purchase date. I only had 3 lots that were part of the claim period. Based on the notecard I received, the payment is estimated to be approximately $1.18 per share purchased between 11-10-21 and 3-10-22. This may be the only "profit" I will get from these shares as I am collectively down ~48% of my investment. Rivian (and Lucid) are the only part of my portfolio that is down!!

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