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AL HB412
Bill
Status
3/7/2013
Primary Sponsor
Christopher England
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AI Summary
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Requires all class action settlements or judgments in Alabama that create a common fund to establish a plan for distributing residual undistributed funds to the Department of Child Abuse and Neglect Prevention.
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Defines residual funds as those remaining after class member benefits are paid, including funds for unreachable class members, economically infeasible distributions, unclaimed funds, or funds undistributed after the court-established deadline.
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Allows parties to contract for residual funds to revert to the paying party or designated beneficiaries, preserving settlement flexibility.
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Permits circuit courts to suspend the residual fund requirements if they determine such requirements substantially impede settlement negotiations.
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Applies to all class actions filed on or after January 1, 2014, and becomes effective immediately upon passage and gubernatorial approval.
Legislative Description
Class action lawsuits filed in Alabama, plan for undistributed funds to be distributed to Child Abuse and Neglect Prevention Department if class members cannot be located, or if distribution to class is not economically feasible, or if class members do not make a claim to the class funds
Civil Procedure
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund
3/7/2013