Half a croissant, on a plate, with a sign in front of it saying '50c'
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Class Action Lawsuit Settlement Lottery

You've been awarded $10 as part of a five million dollar settlement. Would you like to forfeit that for...
  (+3)
(+3)
  [vote for,
against]

The whole fifty million: Chances of winning: 1 in 5 million. (1 winner)

Five million: Chances of winning: 1 in 500,000. (10 winners)

Five hundred thousand: Chances of winning: 1 in 50,000. (100 winners)

Fifty thousand: Chances of winning: 1 in 5,000. (1,000 winners)

Five thousand: Chances of winning: 1 in 500. (10,000 winners)

Five hundred: Chances of winning: 1 in 50. (100,000 winners)

Fifty: Chances of winning: 1 in 5. (One million winners)

Or would you just like to say: "No thanks, I'm a wussy, I'll take the ten bucks." (Which if everybody opted for would be 5 million big losers with a lousy ten bucks)

Just got a check for basically nothing as part of a class action suit against some insurance company I never even think about. 50 million lawsuit, lawyers made out like bandits but us folks getting represented got squat. Didn't even know what it was for, didn't care.

So why not make it interesting? The people whose money this is get to decide what they want to do with it. Take the little handful of change or bet it for some actual money?

The instructions would state that you get to take your lousy ten bucks or be part of a vote as to how the lottery will be set up. If the majority of the voters (plantiffs) want a reasonable chance at $500, that's what the lottery is for, the people have spoken. Once the payout/odds are voted on, the winners are picked at random.

I don't play the lottery, but I'd gladly give up a stupid $10 check for a one in 50 chance of $500. I think most people would. Those are amazingly good lottery odds. The slimey lawyers would still get their cut, what do they care?

Of course that large payout number would be minus the money going to the few people who just took the ten bucks, but I'm guessing that would only be a few thousand folks. Could be wrong, but personally, I was offended having to take the time to deposit this little bauble knowing that the lawyers got tens of millions.

Let it ride I say, and quit making millions off of suing companies and giving the people pennies.

doctorremulac3, Feb 04 2021

[link]






       Okay, okay, you only got a ten buck settlement but, more details on a fifty million insurance company suit please.   

       Just, y'know, to fill the story out a bit.
Sometimes sticking it to the con-men is worth a lot more than the trickle-down.
  

       Ok, looked it up.   

       They were charging new customers less than existing customers for the same service.   

       OK, seems kind of squirrely but I'd like to call the lawyers and ask if I can go out celebrating our victory with them after the settlement. "I'll bring my ten bucks! Where are we all meeting?" (It was actually 15 bucks but I wasn't about to whip out a calculator for this.)   

       Now if the ENTIRE settlement was for 50 mil before the lawyers got their cut the lawyers got a third or more, but you get the basic idea. They didn't tell me, and if they did it would have required me reading all that, what I'll call "lullaby boilerplate".
doctorremulac3, Feb 04 2021
  

       <notes to self>
Class Action suit might not be best alternative. Hire exceptional council. Don't sweat the bottom line over the win.
Take [dr3] for a beer with settlement money.
  

       Or that.
doctorremulac3, Feb 04 2021
  

       Ah, so that's how a real working dollar gets turned into a virtual meaningless devaluation, a class action court process on insurance.
wjt, Feb 07 2021
  
      
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