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Los Angeles
Fall 2009
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JDRF Receives $1.2 Million From Cy Pres
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JDRF Receives $1.2 Million From Cy Pres
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Untitled Document
Who is Cy Pres, you ask? Actually, Cy Pres is a "what" rather than a "who" and is used in class action lawsuits to help distribute unclaimed settlement monies. Consumer class actions are complicated lawsuits that often run for years and when the time comes to settle and give back monies from a court judgment, many class members either can’t be found or don’t make claims. This leaves money in the settlement that needs to be distributed and the courts use a legal doctrine known as Cy Pres (meaning as nearly as possible) to make a beneficial use of the unclaimed settlement by distributing to charities.
Taras Kick, a JDRF Los Angeles Board member and shareholder of The Kick Law Firm, APC, is one of California’s leading consumer class action attorneys. In a recent case, Taras proposed JDRF for consideration by the court as a possible Cy Pres recipient in a class action, and the court, after examining the proposal, determined that JDRF was an appropriate recipient for part of the Cy Pres funds from the case. As a result, JDRF has received a distribution of over $1.2 million from the case for JDRF to support research against type 1 diabetes which affects all races, ages, genders and income levels.
"Because JDRF is recognized as one of the most efficient non-profit organizations in the country, and because the cost of diabetes affects literally every individual in this country, it makes a lot of sense to allocate unclaimed moneys from a class action to a charity such as JDRF. If JDRF achieves its mission statement of finding a cure for diabetes, this will benefit all Americans, not just those with diabetes," Taras said. Taras worked with our colleagues in the Greater Bay Area Chapter and their board member Terry Johnson to help finalize the settlement, a great example of JDRF volunteers and staff working together toward one mission.
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