It’s been a summer of settlements, with major companies such as Equifax, Capital One, and Amazon paying out millions — even billions — of dollars to consumers.
Whether you’ve been involved in a class action lawsuit, a personal injury lawsuit, or other type of case, settling out of court can result in a major windfall
And having a plan for what to do with that money can set you up for financial success for years to come. Understanding your settlement The amount you can expect to receive from a settlement depends on the nature of the case. For example, a class action settlement is an agreement that resolves a lawsuit brought by a group of people who experienced the same (or similar) harm from a company or other organization.
The resulting payment may be distributed to each person as one lump sum or in structured installments over time. However, the payment is based on the number of people affected and the amount of the damages sustained. So, even in the case of a multi-million dollar settlement, your payment may only be a few dollars if many people were involved.