What is a cy pres award in a class action settlement?

A cy pres award in a class action settlement is a court-approved award of funds that are set aside to benefit the public when the class members do not benefit directly. In Maine, class actions are typically brought by an individual or a group of individuals on behalf of a larger class of people who have suffered similar harm due to the same cause. The settlement in a class action may be monetary or non-monetary, such as an injunction or other court-ordered remedy. If the monetary settlement is insufficient to compensate each class member, or if the non-monetary remedy is not feasible, a cy pres award is created in order to ensure that justice is done and the class members receive some form of benefit. The cy pres award is typically given to a charity or an organization that provides services to the class members or the public at large. In Maine, the court may give the cy pres award to organizations that are dedicated to practicing law and providing legal services, to organizations that work to educate and assist consumers, or to organizations that work to improve the public safety and health in the state.

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What is a cy pres award in a class action settlement?

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