If you’ve ever purchased a product or service, chances are you’ve received a class action settlement notice in the mail.
These sometimes obscure-looking notices are often mistaken as junk mail or purposefully tossed in the trash for being “not worth my time.” After all, why would you take the time to fill out and mail back a Claim Form for a measly $5 to $10 when you spent hundreds – or thousands – of dollars on the product in question?
Here’s why: Sometimes these class action settlements pay out BIG bucks.
More than 3.3 million consumers know this. That’s the number of people who visited TopClassActions.com last year to find class action settlements they qualify to file claims for. The site is the #1 source of class action news online, and the staff is dedicated to report on every consumer class action lawsuit and settlement filed.
The average payout reported on TopClassActions.com varies, ranging from $10 to $100 or more. Here are the biggest class action settlement payments awarded to consumers in 2014.
Honda Engine Misfire Class Action Settlement ($235-$300/Claimant)
For years Honda Accord, Odyssey, Pilot and Crosstour owners were complaining that their vehicles were excessively burning oil. The alleged defect forced vehicle owners to constantly monitor oil levels and pay expensive repair bills to fix resulting damage, a class action lawsuit alleged. Honda Motor Co. denied there was a problem, but agreed in November 2013 to a class action settlement to resolve the litigation.
Thousands of Honda owners filed successful claims and received free warranty extensions and refunds for repair bills. Average payouts of between $235 and $294 were mailed to claimants in July 2014.
If you missed out, check out Top Class Actions comprehensive list of open class action settlements now accepting claims.
For example, now through March 12, 2015, anyone who’s purchased a Red Bull product in the United States from Jan. 1, 2002 and Oct. 3, 2014 can receive either a cash reimbursement of $10 or free Red Bull products with a retail value of approximately $15.