Overview
In this CLE program hosted by Strafford, McDermott Partner Bill Boies joins Rob DeWitte, senior director at Kroll, and P. Renée Wicklund, co-founder of Richmond Law & Privacy, to guide both class counsel and defense counsel through the problem of dealing with undistributed settlement funds after payments to class members. Their discussion will include how to anticipate and avoid problems with undistributed funds in class action settlements.
The panel will address the following:
- How the undistributed funds problem arises and the reasons for it
- Three options for dealing with the issue
- Cy pres awards as recommended in Section 3.07 of the American Law Institute’s Principles of Law on Aggregate Litigation
- The importance of making all feasible distribution efforts as part of settlement administration
- The state court rules governing residual funds in state class action settlements
- Appropriate language about cy pres proposals for motions, orders and class notices
- Making a record about distribution efforts and cy pres recipients at fairness hearings
- How to anticipate complications and objections at the fairness hearing and on appeal
