Here are five reasons Settlement proceeds go unclaimed
Most class action settlements come and go with little to no attention paid to them by the vast majority of businesses that are eligible to collect money. This response is understandable for a variety of reasons, five of which appear below. But in today’s economic environment—where every dollar collected counts—it’s important not to let these hurdles prevent you from the collecting the proceeds you deserve.
Poor, confusing communications
The notices circulated to make businesses aware of individual settlements present as official legal documents. They are often lengthy, look confusing, and the requirements appear cumbersome.
Return is unknown and difficult to gauge whether or not it is worth time to pursue. This variable is an unavoidable fact with class action settlements because returns are dependent on the total value of claims submitted from all eligible entities for any given settlement.
Not enough resources
Your resources are busy completing their daily job functions leaving little time to focus on class action settlements. If a business cannot accurately evaluate the opportunity, then you will find it difficult to justify pulling resources to focus on the unknown. Especially when attention to settlements could reduce production in one’s standard course of business.
Settlements come in many forms and cover a variety of issues. Businesses may not recognize settlements outside of their primary industry as good opportunities. For example, healthcare systems may only search for settlements related to payment of medical claims or the efficacy of drugs, but miss out on product settlements, such as allegedly overpriced old television monitors, that may result in significant returns for items.
Engage the expert
Many businesses have not retained the services of an industry expert to identify and pursue applicable and worthwhile settlement opportunities on their behalf. This type of arrangement proves to be beneficial as an expert reviews works to optimize returns, all while minimizing their clients’ risk and resources spent collecting settlement proceeds.
Managed Care Advisory Group, LLC (MCAG) is offering a Class Action Settlement Recovery Service through Availity. MCAG has distributed over $225 million to thousands of clients as a result of this service. This valuable service can help your organization easily capitalize on applicable class action opportunities.
Visit settlements.mcaginc.com for more information on MCAG’s SRS, current settlements, or to enroll in this valuable and unique service, which is offered on a contingent fee basis without any upfront fees.