Millions Of Dollars Go Uncollected: Here's How To Cash In On Class Action Lawsuits
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PITTSBURGH (KDKA) -- Do you know that feeling when you unexpectedly find money in an old coat pocket?
You could have that same feeling thanks to class action lawsuits that you are a part of but don't even know about. That means, chances are, you have a extra "pay day" coming to you.
Thousands of class action lawsuits are filed and settled every year with cash awards to every member of the class, if they can be found.
"There could be a lot of class members out there who are owed money and don't know about it," says attorney Joseph Kravec.
Kravec says millions of dollars go uncollected despite the best efforts to notify potential cash recipients.
Most people, when notified, throw the information away because it's too hard to understand what a class action settlement is. It's when someone files a lawsuit on behalf of everyone else who is a victim of the same wrongful conduct by the named defendant.
Kravec says, "It could be hundreds of people. It could be thousands."
Part of the problem is the way the notices are written.
Often the awards are smaller, but in some cases you could be awarded thousands of dollars.
There are at least five websites that track class action lawsuits and make it easy for you to file for a rebate.
For more information, visit these links:
It's important to note that most class action awards are considered taxable income, except in the cases of some personal injury or illness claims.