Judge Orders Cy Pres Distribution of Unclaimed Class Action Funds to Junior Achievement of Central Indiana, Inc. in Securities Fraud Case
In the mid-1980s Cohen & Malad, LLP served as Class Counsel in two companion class actions arising out of the sales of tax shelters in violation of Federal and State securities laws. As trial approached, the cases were settled collectively for approximately $4.5 million, with class members receiving almost all of their losses after deducting attorneys fees.
Despite diligent efforts, almost $13,000 of the settlement funds remained unclaimed. Cohen & Malad, LLP petitioned the court to order cy pres distribution of the unclaimed funds to a proxy for the class members. On August 1, 2012, the Honorable Larry J. McKinney ordered the funds distributed to Junior Achievement of Central Indiana, Inc.
