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 near 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 or convert to for-profit organizations. In such
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 in the
distribution of funds to indirectly benefit people
whose behalf litigation was filed when it would be
impossible or impractical to compensate them
individually. We work as an intermediary to assure that
the distribution is done 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. Cypresfunds.net, working in
cooperation with private and/or public attorneys
representing the plaintiff class or acting in the
capacity of parens patriae, oversees the process of
fund distribution pursuant to the court order in each
case. Then, the progress of each grant is monitored and
summary reports provided to counsel and, when needed,
to the court.
The principal is an attorney in
private practice and he and his staff 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 are 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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