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Cy pres (from the French cy pres comme —“as near as possible”) originated in the trust context, but has more recently been applied to class action litigation, as courts try to determine what to do with sometimes significant amounts of settlement funds remaining after all identified plaintiff awards have been made. In recent decades, courts have agreed to award such remaining funds to third party recipients who, while not parties to the underlying suits, are deemed worthy by the court. Sometimes, the courts have selected these third party recipients based on recommendations from the attorneys representing the plaintiffs. What are the legal underpinnings for such awards to entities or people not party to the underlying case? What are the policy considerations in making or prohibiting such awards? These and other questions were discussed by our experts.
- Prof. Brian T. Fitzpatrick, Vanderbilt University Law School
- Mr. Theodore H. Frank, Founder and President, Center for Class Action Fairness and Adjunct Fellow, Manhattan Institute Center for Legal Policy