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Everything posted by rbaron
You might double-check on this. My understanding is that no settlement funds have nor could have been released yet so maybe you got a discount but still might have cash coming from the settlement fund, which requires documentation to be submitted by next month. Caveat: I am often wrong. --Bob
My understanding is that one or more economists did an analysis of the claims using a statistical model based on probabilities versus the size of the potential class; there may have been a reduction to present value as well. I'm not propounding or defending the settlement but I do remember the old aphorism that a good settlement is one that leaves both sides unhappy.
Thanks, Pkscheldt, for posting that link to some of the court filings. In particular, anyone interested should read http://www.coolantpipesettlement.com/docs/fao.pdf As I noted above, I looked at the court filings online earlier this week and can give this status update as of then: The sole objector filed an appeal to the (Sixth?) Circuit Court of Appeals after the District Court overruled her objections. She was ordered to file her brief in support of her appeal by a certain date, which she failed to do. The Circuit Court of Appeals, per its rules, dismissed her appeal. She then filed a motion to reinstate her appeal, which has been opposed in briefs by the law firms representing the class and the law firms representing the defendants. Of course, no settlement funds can be distributed to anyone until her appeal is once and for all concluded. The beat goes on......
And your point is.......?
As a matter of professional curiosity I've been following the progress of the court case for a little while now. The United States District Judge in Ohio who was assigned to hear this case (under the rules of what is called Multi-District Litigation) approved - after a full hearing - the proposed settlement last spring. Despite notice having been given to many thousands of potential class members there was only one objector at the hearing: a lawyer from Idaho who was and is, to put it mildly, extremely pissed off at her local dear and everyone and everything upstream to and including PCNA and Porsche AG. The District Judge heard her out and approved the settlement. He made many findings against her arguments that I won't go into here but they are available online (for a government imposed fee if you have a PACER account). She then filed an appeal with the appropriate Circuit Court of Appeals. Because the appeal is pending the settlement funds cannot be paid out to the thousands who filed (or may still file) timely claims. Likewise the class lawyers cannot be reimbursed for their likely hundreds of thousands of dollars advanced on behalf of the class members on a very contingent basis. (As an aside, whether the US courts have jurisdiction over Porsche AG is an unsettled question as I understand it, which made the case very risky for the plaintiffs' lawyers.) And yes, I'm a lawyer, and yes, I am a class member. I bought a CS new in '04, I still own it, the pipes failed in the summer of 2013 and I paid the local deal around $2000 give or take to repair the mess. Because my car was/is low mileage I expect to recover around $1100 IIRC. But only when due process has been done. In my practice I try to help people who've been wronged. I only recover costs and get paid a fee if I win, and I advance the costs, which can be very very high. So I'd suggest we go easy on the lawyer class. You never know when you might need a good one. <rant off> --Lawyer Bob
If you are registered with Porsche as the owner of your car you should be in a database that will cause you to be mailed forms at some point in the process. You can also register via the class action's website as a belt+suspenders precaution, particularly if you have already had the replacement (I did). --Lawyer Bob