OK let me be less discreet..my class action I lawsuit is for..?
My lawsuit has already been settled, The account has 195mil for 4700 peeps, and Im one of them, my lawyers have been working hard for almost 3 years for us, they wont be able to tell me until next month or so how much the fees are so does anyone have a guesstimate? And what about taxation? Its taxable but what percentage?
Answers:
Generally lawyers receive about 30% of the settlement but a lot of times with pro bono it can be as much as 50%.
Taxes paid for gambling winnings are about 48% and I'm thinking it's about the same. Figure that the 4700 will split 1/4 of the settlement.
1/4 of 195 mil = 47.5
47.5 divided by 4700
I'd say a little over 1 mill apiece.
So...what are you doing this weekend?
Lawyers will take all the $$$ sorry
In America you can sue anybody for anything and probably win, or get a settlement.
the lawyers will get 30% (usually) on top, which is $6.5M, plus expenses, then divide that among 4700.
I would not worry about the tax you will be paying.
The lawer`s fee will be 99.9% of it and if you get more than 1000.00 I would be shocked.
The class action suit is away a lawer becomes very rich not you.
The 30% rule does not count in class atction
There's no way to guess how much the legal fees are going to be just from the facts you've given -- three years could be 30 months of continued work, or 3 months scatted with long delays in the middle.
And it doesn't say whether you have a contingency fee agreement, where the firm gets a percentage of the total award -- or whether they are being billed hourly.
Your share of the cash, if the settlement is to be payed evenly, will be about $ 41,490.00. After taxes, and attorney fees, I'd be surprised if you pocketed more than 20 thousand dollars.
? Hey, hoo. ( Answer down there v v ). Where do you get that math? If 195 million dollars is devided between 195 people, they get a million bucks a piece. This is being divided among 4700 people. ...and the lawyers....and the IRS.
probably between 40 and 60 % this is normal any less and you have very charitable lawyers i dont know anything about taxes
so if my calculations are correct about 20k is a close equalized figure
sorry
most lawyers charge 25 - 35 % plus costs accured such as fileing fees etc. the taxes depends on state you live in.
The answers post by the user, for information only, FreeLawAnswer.com does not guarantee the right.
Answer question:
More Law Questions and Answers: