Update on Illinois Cy Pres statute
Thursday, June 21, 2007
- Organization: Legal Aid Association of California
Residual funds in class actions
Senate Bill 486 (Cullerton, D-Chicago; Lang, D-Skokie) would establish a presumption that residual funds in class actions would go toward organizations that improve access to justice for low-income Illinois residents, but courts would have the discretion to award up to 50% of these funds to other organizations that serve the public good if the court finds good cause to do so. Applies to all actions commenced on or after July 1, 2008 or still pending on that date for which no court order has been entered approving a proposed settlement. Passed both chambers. Effective July 1, 2008.
Senate Bill 486 (Cullerton, D-Chicago; Lang, D-Skokie) would establish a presumption that residual funds in class actions would go toward organizations that improve access to justice for low-income Illinois residents, but courts would have the discretion to award up to 50% of these funds to other organizations that serve the public good if the court finds good cause to do so. Applies to all actions commenced on or after July 1, 2008 or still pending on that date for which no court order has been entered approving a proposed settlement. Passed both chambers. Effective July 1, 2008.
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