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AL HB342
Bill
Status
1/22/2014
Primary Sponsor
Mike Ball
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AI Summary
HB342 Summary
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Requires all class action settlements or judgments in Alabama creating a common fund to establish a specific 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 members cannot be located, direct distribution is not economically feasible, all class members have had opportunity to claim, or funds remain undistributed after the court-established time period.
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Permits parties to contract for reversion of residual funds to the paying party or other designated beneficiaries, and allows circuit courts to suspend the residual fund distribution requirement if it substantially impedes settlement.
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Applies to all class action cases filed on or after January 1, 2015.
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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
1/22/2014