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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 116707
Experience:  Attorney experienced in commercial litigation.
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I was in a law suit against a company about my retirement

Customer Question

I was in a law suit against a company about my retirement and the whole thing was a scam,it was handle by a law firm who settled the case but I am being told they gave the money from the law suit to a third party and they will hold it for 10 years,i have been given a number of legal papers to sign but I don,t under stand the legal words and is there a statue of limitation on how long they can hold my money or why do I have to wait 10 years for money that is for my retirement and I have been retired since 2010.
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Law Educator, Esq. replied 1 year ago.

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

In any class action litigation, the final plan has to be approved by the judge or master hearing the case. So if there is a third party trustee holding the funds for 10 years, that had to be approved by the judge, the law firm could not just do that on their own. So If you did not agree with the settlement, the only recourse you had was to speak to the judge/master in the court hearing the case prior to it being approved. If that was not done, now you need to get a copy of the settlement agreement to review the terms in there under which the money will be distributed, because once that was approved by the court, those are the only rights you have to enforce are is what is stated in the settlement agreement.

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