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A class action is a civil lawsuit brought on behalf of many people who have been harmed in a similar manner. Think of the movie Erin Brokovich. In the film, Erin Brokovich, played by the beautiful Julia Roberts, is the lead character in constructing a case action lawsuit case against Pacific Gas & Electric Company (PG&E). Basically, the case involved over 1,000 people in a small California town getting sick from contaminated water which was caused by part of PG&E natural case pipeline. The lawsuit settled for over 3 million and was the largest settlement ever paid in a direct action lawsuit in U.S. history. This amount then was paid out to the 1,000+ affected citizens.
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A class action cannot be persecuted unless at one person harmed by the conduct is willing to serve as a class representative, known as the lead plaintiff (i.e. Erin Brokovich). The good news is that you may still be able to recover funds from your company, even if you were not affected directly.
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The Securities Class Action Clearinghouse contains a directory of information for all things related to class action securities fraud lawsuits. This clearinghouse maintains a list of over 3,000 issuers who were part of federal class action securities fraud lawsuits since the passing of the Private Securities Litigation Reform Act in 1995. Additionally, the database includes over 32,000 litigation-related materials that were filed as part of the class action cases.
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The database list can be found here: http://securities.stanford.edu/
Once you open the database list, search for your current/former company by the first character index, then, on the next screen, select the litigation name and read through the court proceedings for the selected company. Remember that these documents could contain relevant information even if no settlement was granted by the reviewing judge. As a result, the main line you're looking for in the document is right at the top under "Conclusion." Once you determine whether there were dollar amounts won in the settlement, then it will be necessary to contact a class action lawyer to determine the validity of the lawsuit. One of the best websites regarding class action lawsuits is http://www.classactionworld.com
The site has tons of resources that can help you to locate the appropriate attorney. Their toll-free phone number is 1-800-935-7962 or you can submit a request on their site. The consultation is completely free and the attorney charges depend on the size and breadth of the class action lawsuit.
Similarly, the SEC (Securities and Exchange Commission) website also contains a list of recovered funds known as Investor Claim Funds. If there are accounts recovered by the SEC and available to investors like you, then they will be handled based on the plan approved by both the company and the SEC. You can check to see whether you also qualify for a claim fund by going to the SEC website.
The site lists those companies for which you'd qualify for a refund for these funds. Be sure to also check the archive of Investors Claims Funds Notices link at the bottom of the page for past companies. If your company appears on the list, call the SEC information line at (888) SEC-6585 for further collection instructions.
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