cypresfunds.netCy pres (noun) from the French "Cy pres comme possible," meaning "as near as possible." Cy pres funds typically result from class action lawsuits when it is either impossible or impractical to distribute the funds directly to the individuals who were injured. In those situations, the court may order that the funds be used for grants to benefit the class members indirectly or as nearly as possible in order to remedy or compensate for the harm to the class members.The doctrine of Cy pres is also employed in Probate Matters when gifts fail and in the area of Charitable Trusts when non-profit organizations fail. In both cases, courts, with guidance from Attorneys General, grapple with determining the next best use for these funds. Cypresfunds.net has been established to assist the courts and counsel distribute cy pres funds in a fair, equitable and efficient manner and to facilitate eligible non-profit private groups and public agencies in applying for grants from cy pres funds. Independent fund administration consultants, working in cooperation with private and/or public attorneys representing the plaintiff class or acting in the capacity of Parens Patriae, oversee the process of fund distribution pursuant to the court order in each case. The consultants have extensive background and experience in cy pres relief, philanthropic best practices (including grant review, recommendations and monitoring) and consumer protection, including health policy. They are very aware of and focused on the court and counsel's desire to have transparency, objectivity and accountability in all of the handling of cy pres relief, with particular attention to addressing the harm to the plaintiff class and close adherence to cy pres principles for the use of the funds. The settlement and/or court order in each case is the reference point for the use of the funds. The left side of this page lists the specific funds handled to date. Click on the name of the fund for more information. |
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