Bank fees are one of the largest sources of controversy between consumers and companies, but class-action lawsuits can offer larger relief to groups or individuals who have been wronged by a bank.  Before filing a class action, bank customers should understand the basics of this type of suit and what they can potentially gain from it. The following are six important things to know about class-action lawsuits, so you can make an informed decision before filing.

What Is A Class Action?

A class action is a civil lawsuit in which a group of people, represented by one or more plaintiffs, sue another person or company on behalf of all the members of the group. The lawsuit is filed by the representative plaintiffs on behalf of themselves and all other members of the proposed class. As explained by the lawyers from the Oakland law firm, class actions can be a useful tool for individuals who want to sue a company but may not have the resources or capacity to file a lawsuit on their own. The whole process is designed to make it easier and more affordable for individuals with small claims to join together and pursue legal action.

What Are Some Types Of Class Action Suits?

There are many different types of potential class-action lawsuits that can apply to bank customers, depending on the specific situation and allegations. In cases of bank fraud or wrongful charges, for example, customers could file a class-action suit alleging that the bank violated state or federal law. In other cases, customers may file a class action to recover money lost as a result of an unfair bank policy or practice. The best way to determine if you have a potential class-action case is to contact an attorney with experience in this type of litigation.

What Are The Requirements To File A Class Action?

There are certain requirements that plaintiffs must meet to file a class action. Each member of the group must have claims arising from the same event or course of conduct. The claims must be based on common law or statutory rights, and the plaintiffs must be able to adequately represent the interests of the entire group. Plaintiffs must also demonstrate that a class action is the best way to handle their case, given the specific facts and circumstances. The requirement of commonality can be met when all plaintiffs allege that they were subjected to the same practice or course of conduct and that their injuries stem from this similar activity.

How Does The Class Action Process Work?

Filing a class action generally begins when a person or organization files a complaint with the court. The complaint must include a certification from the named plaintiffs that they meet all of the requirements to bring this type of action, including providing details about the claims and evidence. An attorney for the plaintiffs will also draft an order asking the judge to certify (approve) their class-action status. Once the plaintiffs’ claims and the proposed class are certified, this opens up the case to other people in similar situations. These potential class members must then be notified by the court about their right to join the lawsuit.

What Are The Benefits Of Joining A Class Action?

One of the biggest benefits of joining class action is that you don’t have to go through the hassle of filing your lawsuit. The process is faster and more efficient, and you don’t have to worry about the cost of litigation. The court will manage the entire case, so you won’t have to do anything but wait for a settlement or judgment. In addition, joining a class action allows you to join forces with other individuals who have also been wronged by the defendant. This can be an important strategy for holding the defendant accountable and achieving a successful outcome.

What Are The Risks Of Joining A Class Action?

The biggest risk when joining a class-action lawsuit is that you may not get anything at all. Cases are often successful in obtaining money damages, but they can take years to resolve. Many times people in the class action will be forced to “opt-out” or discontinue their claims because of the passage of time. Others may be dissatisfied with the size of their award or settlement and file separate lawsuits to try and get more money. However, when you opt-out it will likely bar you from participating in any future settlement or judgment against the defendant.

Class-action lawsuits can be an effective way to get justice when you have been wronged by a company. However, it is important to understand the risks and benefits involved in joining these types of actions. If you have any questions or concerns, it is best to consult with an experienced attorney.