The Initial Payments are intended to equal approximately eighty percent of the claimants’ total approved recoveries, with the remaining 20% (the “Reserve Fund”) to be distributed via supplemental distribution(s)- after completion of the challenges process-as described below.
I then subtracted 30% for administrative/legal expenses and the dollar amount I came up with for myself was unfortunately several thousands. I took my lifetime spending amount and calculated the reward based on the tier system on the website. It will depend on the number of claimants who challenge the Lifetime Spending amount and how long it takes to resolve any disputes.
Since none of this is finalized and has not been formally approved, I cannot provide you with any estimate but, you are in the ballpark.Īs far as the feasibility of a July 11, 2021, distribution date, I'm doing everything in my ability to make sure the class members, like you, recover these fees as soon as possible. Based on the claim filing rate and current Approved Claims aggregated Lifetime Spend amount, we do not anticipate a pro-rata reduction but, we won't know for certain, until after the Challenge Period expire and all claims are finalized. If the aggregated Base Payment Amounts for all Approved Claims were to exceed the net Settlement Fund, after expenses, there could be a pro-rata reduction. Under no circumstance will the Defendant have to pay more than this. This portion is subject to the $155M settlement fund. That being said, we can apply the calculation for the Base Payment portion. Because all of claim Lifetime Spending Amounts have not been finalized, we cannot complete the calculation to determine settlement payments. I’m going to copy his response here so it might help people figure out their recovery. I wrote to the settlement administrator and he replied within 24 hours.