Can the figures really be that bad?
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🔢 Are you underestimating the impact class actions can have on your wallet?
Like when someone creates a posts and nobody likes it – that’s how class action settlements must feel.
Don’t take our word for it, the Federal Trade commission (“FTC”) spent a lot of hours analyzing what worked (and what didn’t), producing some of the saddest filing rates we’ve ever seen. Let’s peek at who’s (not) filing and some more hopeful rates for those out there still on the fence:
Of 150 class action settlements surveyed, the FTC found the median claim rate to be ~9% (< 1 in 10). More baseball fans are likely to root for the NY Yankees (1 in 9.77)…
The report shows that 12-15% were undelivered and 15% that were delivered, remained unopened… HOWEVER, of the claims filed, 86% were approved.
Settlements get a bad rap of paying you $7.37, and while those to occur, the FTC found that consumer settlement’s median compensation payouts are MUCH better - check them out:
1) 50% of claims are $69+
2) 42% of claims are $100+
3) 25% of claims are $200+
Want to look at the full FTC Report? Click here
Source: Federal Trade Commission Staff Report, September 2019 - Consumers and Class Actions: A Retrospective and Analysis of Settlement Campaigns
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