https://www.nbcchicago.com/news/local/heres-a-look-at-all-th...
In a more just world, Equifax would go out of business and the assets would be divided among the affected parties. The fact that that won't happen isn't your buddy's fault. At the end of the day, sure, he gets high fees, but if the lawyers in the equifax case were to distribute their fees to victims, maybe I would have gotten $6 instead of $5? My point is, I'm mad at Equifax a lot more so than your buddy.
source: https://www.equifaxbreachsettlement.com/admin/services/conne...
Really, these cases are mostly a way for lawyers to make money, because on a person-by-person basis there's just not enough money to be made in pursuing legal action, but with millions of class members, the aggregate amount is pretty high, and 20 or 33% of that for the lawyers ends up being a nice paycheck.
My take is basically that in many class action suits there's limited proof of wrongdoing. So it might not make it to court, and if it did make it to court it might be thrown out. Companies pay out since they aren't sure either, but not for the full amount. The lawyers are investing in a suit with unstable ground.
Because it's so wishy-washy there just isn't much money in it, and in consequence the payouts are limited.
So I'm not sure there's a better way to do it. I do wish the lawyers were more upfront about the above in their messaging to class members (like, "we don't have enough definite evidence to get a conviction, but enough that it's risky for the company, so we can settle for a lower amount") as well as how much it will actually mean per individual, what consequences are likely for the company if the suit succeeds, etc.
Not a lawyer (obviously) so if anyone has better info I'd be interested.
Leverage in court, so it’d be used to lessen payouts.
I literally bought Arco gas ONCE, and it was only a couple gallons to top off a U-Haul after a short move.
I thought it was insane that the payout was so high.
In all cases, repairs were covered for the first 4 years so most of them should've been done for free, the settlement is purely for compensating time and effort.