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Increased Scrutiny for <i>Cy Pres</i> Provisions in Class Action Settlements
Editor's note: Lawsuits against pharmaceutical and medical device manufacturers often come in the form of class actions, and sometimes the settlement or award amount exceeds the identified class members' claim amounts. In such cases, the excess funds may be distributed to a cy pres recipient, but courts are starting to question such moves more thoroughly.
One of the critical issues addressed in a class action settlement is how the settlement funds are to be distributed. A popular method of doing this is to have a portion of the settlement fund made as a cy pres payment for the benefit of the class members. The term “cy pres” derives from the French expression “ cy pres comme possible,” meaning “as near as possible.” In the context of class actions, a cy pres distribution attempts to put settlement funds to their next-best use when, for one of a number of reasons, it is difficult to distribute all settlement funds to individual class members.
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