Right now, we don’t know the final, total amount that each Eligible Class Member will receive because we don’t yet know the total number of approved applications. The principle behind the Settlement Agreement is that every Eligible Class Member will receive the same payment amount. Here’s what it says in the Settlement Agreement notice about how the final, total amount of compensation will be determined (you can find that document here).
- If fewer than 20,000 Eligible Class Members submit claims, each Eligible Class Member will receive an amount equal to $500 million divided by the number of Eligible Class Members who submit claims, to a maximum for $50,000 per person.
- If between 20,000 and 30,000 Eligible Class Members submit claims, each Eligible Class Member will receive $25,000.
- If more than 30,000 Eligible Class Members submit claims, each Eligible Class Member will receive an amount equal to $750 million divided by the number of Eligible Class Members who submit claims.
- If there are fewer than 20,000 claims by Eligible Class Members and the total amount paid to Eligible Class Members is less than $500 million, the difference between the total amount paid to Eligible Class Members and $500 million shall be paid to the Foundation.