Class-Action Settlement
I was part of a class-action lawsuit against an investment outfit that turned out to be little more than a Ponzi scheme. I don’t want to go into details because it’s kind of embarrassing that I got caught up in it all. Fortunately, I only invested around $300 or so before the SEC stepped in and shut the whole operation down back in 2006.
For the past three years, all of the investors have been waiting patiently for the legal process to run its course so we can get our money back. I just received a letter from the lawyers today notifying me that my settlement has been approved. I was originally slated to get $96 back because that was the only amount they could confirm I invested. And from that, I’ll end up getting a check for… $28 — or roughly 30% of what I was due because the lawyers need to take their fee as well.
I guess I should feel lucky that I’m getting anything back at all. I wonder if this is what usually happens in class-action suits, like against drug and tobacco companies. I hope the litigants in those cases receive a lot more than what I got!
At any rate, the check should be here in a few days. There’s nothing much I can do with it except help pay bills, so in that respect, I’m thankful that it’s coming .