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SB0486 Engrossed |
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LRB095 03620 AJO 23642 b |
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| common fund created in a class action after court-approved |
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| payments are made for the following: |
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| (i) class member claims; |
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| (ii) attorney's fees and costs; and |
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| (iii) any reversions to a defendant agreed upon by the |
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| parties. |
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| (b) Settlement. An order approving a proposed settlement of |
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| a class action that results in the creation of a common fund |
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| for the benefit of the class shall, consistent with the other |
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| Sections of this Part, establish a process for the |
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| administration of the settlement and shall provide for the |
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| distribution of any residual funds to one or more eligible |
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| organizations, except that up to 50% of the residual funds may |
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| be distributed to one or more other nonprofit charitable |
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| organizations or other organizations that serve the public good |
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| if the court finds there is good cause to approve such a |
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| distribution as part of a settlement. |
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| (c) Judgment. A judgment in favor of the plaintiff in a |
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| class action that results in the creation of a common fund for |
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| the benefit of the class shall provide for the distribution of |
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| any residual funds to one or more eligible organizations. |
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| (d) State and its political subdivisions. This Section does |
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| not apply to any class action lawsuit against the State of |
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| Illinois or any of its political subdivisions. |
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| (e) Application. This Section applies to all actions |
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| commenced on or after the effective date of this amendatory Act |