Should you? Yes!
Why? Because everyone can win: a problematic case can settle; the class can receive real value; the plaintiff’s attorneys can receive compensation; the defendants can avoid a charge to their balance sheet while ridding themselves expeditiously of a nagging risk; and, if structured properly with CCC, the judges can be satisfied that they’ve complied with CAFA.
Explore our services, and read on to let CCC demonstrate the value of settling complex class action litigation with coupons in a post-CAFA world .
Since CAFA passed in 2005, coupon redemption rates in class action coupon settlements have become an essential element for plaintiffs' attorneys and class members. The law makes clear that if a class action settlement involves coupon reimbursements, the plaintiff’s attorney fees should be based on the value of coupons that are redeemed.
In other words, CAFA motivates plaintiffs’ attorneys to get as much value as possible out of coupons issued in settlements. Such value can be attained through high redemption rates. The class relies on the coupon to attain relief from the settlement, while the plaintiffs' bar relies on the class to redeem the coupons in order to be justly compensated for their work.
As a coupon consultant, coupon administrator, and coupon market maker, Certificate Clearing Corporation (CCC) is ready to efficiently and skillfully facilitate high coupon redemption rates in any settlement. CCC is currently acting as all three in the Korean Air settlement, and has the strongest coupon background in the business.
In the most notable post-CAFA coupon settlement, the Linens Antitrust Litigation, CCC played a major role negotiating with seven linen defendants to create the most valuable coupon possible. Despite the complexity that came with regulating redemption payments among seven defendants, CCC’s expertise in creating, facilitating and administrating secondary coupon markets resulted in an exceptionally high redemption rate of 93%. This success is attributed to CCC’s successful creation of secondary markets in numerous coupon settlements over 20 years and its comprehensive and unique knowledge of past coupon settlement redemption models.
From the experience in the Linens settlement and over two dozen other settlements, CCC’s singular institutional knowledge and extensive experience will help create an effective redemption process for the Korean Air Litigation. After setting up a hosting a bilingual call center and transactional website, CCC will facilitate the transaction of $36 million in coupons and assist over 93,000 class members in the redemption or sale of their coupons.
CCC understands better than anyone how to ensure a fair settlement under CAFA, and create value for the class, attorneys, and defendants alike.