Pennsylvania will become the sixth state in the country to require cy pres funds left over from class action settlements to be used for legal aid providers or other nonprofits.
May 14, 2012 at 12:00 AM
1 minute read
Pennsylvania will become the sixth state in the country to require cy pres funds left over from class action settlements to be used for legal aid providers or other nonprofits.
The state Supreme Court announced Friday that, starting July 1, 50 percent of money left over in class action funds — after the class has been paid, attorney fees and costs have been paid, and the claims-expenses administration has been paid — must go to the Interest on Lawyers Trust Accounts (IOLTA) board.
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