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the_biggest_class_action_settlements

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The Biggest Class Action Settlements

Tobacco Settlements

In 1998, Philip Morris, RJ Reynolds, and two other tobacco corporations agreed to a $206 billion settlement that would pay medical expenditures for smoking-related ailments at a minimum. Attorneys general from 46 states took part in the settlement, which provided annual payments over a 25-year period. Due to the involvement of public prosecutors, this is not a standard class action, but the deal settled long-standing responsibility in class action lawsuits for the cigarette industry. 1)

BP Gulf Of Mexico Oil Spill

In 2016, a federal judge in New Orleans gave final approval to a $20 billion settlement resolving civil claims related to the Deepwater Horizon oil spill. The majority of the revenues are used to settle federal claims and fines, while the remaining $5 billion to $6 billion is used to pay state and local governments. This is not a standard class action, as it was spearheaded by public prosecutors rather than the plaintiff's bar, as was the case with the tobacco settlements. Some legal experts questioned the settlement for allowing BP to deduct $15 billion of the settlement costs from its taxes. 2)

Volkswagen Emissions Scandal

A federal judge in San Francisco granted a $14.7 billion settlement in 2016 as a result of a Volkswagen plot to cheat emission testing on its diesel vehicles. The deal includes monies for vehicle buybacks at pre-scandal market values, as well as additional cash payouts to 475,000 diesel car owners.3)

the_biggest_class_action_settlements.1625120600.txt.gz · Last modified: 2021/07/01 01:23 by eziothekilla34