News: Verizon, the technology behemoth, has decided to settle a class action lawsuit by setting up a $100 million fund. This fund is intended to reimburse current and former Verizon cell phone users who have experienced certain administrative charges. The agreement includes measures to ensure fair compensation for affected customers pending judicial approval.
Asking for compensation
Eligible customers have access to a $100 account credit. To avail this compensation, customers must file their claim by April 15, 2024. The $100 million allocation will cover costs associated with distributing settlement checks, notices and electronic transfers.
Provisions for plaintiffs and attorneys
In addition to compensating clients, the settlement includes service awards to plaintiffs and covers legal fees and costs of attorneys representing the group. This provision ensures that lawyers who represent clients receive appropriate compensation for their efforts.
Making a claim
Verizon identified eligible customers and sent notifications regarding the settlement. Customers who receive such notices are recognized as members of the settlement class and can claim settlement funds. To initiate a claim, individuals have to verify their eligibility and go to the website mentioned in the advertisement to get the claim form. It is important to provide clients with accurate and up-to-date details, including relevant documentation to substantiate their claims. The deadline to submit a claim is April 15, 2024.
Amount of payment
The compensation that eligible customers receive will vary based on the length of time they have been Verizon subscribers and the number of settlement members who have filed valid claims. The maximum cashback can be $100 per account, plus the initial fee of $15, plus an additional $1 per month and administrative fee waived between January 1, 2016 and November 8, 2023. To be eligible for this compensation, customers must submit a valid claim by the April 15, 2024 deadline.
Eligibility criteria
Those who held Verizon postpaid accounts between January 1, 2016 and November 8, 2023 and were charged administrative fees, or both, are eligible to file for a settlement of the administrative and telco acquisition charges. Those who receive notices from Verizon via email or traditional mail will be deemed eligible based on the Company’s records. These notifications contain the necessary identification and verification numbers needed to initiate a claim.
Equity hearing and objections
A fairness hearing is set for March 22, 2024, at which time the New Jersey Superior Court will review the validity, fairness and reasonableness of the settlement. Customers retain the option to reject the settlement and pursue independent legal action against Verizon; However, they will bear their own legal costs. Those who intend to raise concerns or objections to the terms of the agreement must do so in writing by February 26, 2024. Such objections will be subject to discussions at the court’s ratification session, which ends on March 22, 2024.
Verizon’s decision to settle the class action lawsuit and establish a $100 million fund demonstrates its commitment to resolving complaints on behalf of affected customers. By implementing an equitable indemnification structure and bearing the plaintiffs’ attorneys’ legal costs, Verizon will endeavor to provide a satisfactory resolution of the present matter. Eligible customers are advised to scrutinize the settlement details carefully and file a legal claim within the specified time frame to get the appropriate compensation.
Questions to be asked
1. Am I eligible for compensation if I do not receive notification from Verizon?
No, only customers who receive notices by mail or email are eligible as members of the Settlement Class and can file a claim.
2. If I do not accept the settlement offer, what are my options?
If you choose not to accept the settlement, you may decide to initiate your own legal action against Verizon. However, you will be responsible for your own legal costs.
3. How can I raise concerns about the terms of the agreement?
If you do not agree to the terms of the Agreement, you may object in writing by February 26, 2024. These objections will be reviewed in the final court approval session.