Why so much settlement money goes unclaimed
The Federal Trade Commission studied 149 consumer class action settlements in 2019. In cases where people had to file a claim, the median claims rate was 9%, and the weighted average was just 4%. In other words, for most settlements, more than nine out of ten eligible people never asked for their money.
The reasons are simple. Notices land in spam, the forms look like legal paperwork, and deadlines pass quietly.
Where the leftover money goes
It depends on the settlement agreement the court approved. Common outcomes:
- Redistributed to claimants. Many "pro-rata" settlements split the whole fund among the people who filed, so each share grows when fewer people claim.
- Given to a charity related to the case, called a cy pres award.
- Returned to the company in some agreements, though courts look at these more closely.
How to find class action money you're owed
- List the companies you deal with: your bank, phone carrier, streaming apps, stores, car brand and insurer.
- Match them against open settlements. See our list of open class action settlements, or let a settlement finder match them for you.
- Search your email for "settlement", "class action" and "notice". Notices often include a Claim ID that makes filing faster.
- Check the proof rules. Many settlements need no proof of purchase.
- File before the deadline on the official settlement website.
Uncashed settlement checks and expired payments
Settlement payments expire. Checks are often void after 90 or 180 days, and the FTC says Amazon Prime refund payments expire 60 days after they're issued. If you filed a claim, watch your email and mail for the payment and cash it quickly.
Money from closed accounts and uncashed checks can also end up with your state's unclaimed property office. You can search every participating state for free at MissingMoney.com, run by the National Association of Unclaimed Property Administrators.
Avoid settlement scams
- Filing a claim is always free. Never pay a fee to "unlock" a settlement.
- Official administrators don't ask for your bank password or full Social Security number by text.
- Type the settlement website yourself, or open it from a trusted source, rather than tapping links in unexpected texts.
FAQ
How do I know if I'm owed money from a class action?
You're owed money only if you're in the class of a settlement and you file a claim, unless the settlement pays class members automatically. Matching the companies you use against open settlements is the fastest way to check.
What is a settlement finder?
A tool that lists open class action settlements and matches them to you. Claim is a settlement finder for iPhone that shows payouts, deadlines and proof rules for each case.
Can I still claim after the deadline?
Almost never. Once the claim deadline passes, the administrator stops accepting forms.