The California Gasoline Spot Market Antitrust settlement claim form submission deadline has just passed 08 Jan 2025. The class members who have filed the claim form now await the settlement payment.
Under the California Gasoline Settlement Fund, the defendants will pay a settlement fund of $13,939,000 to compensate the class members and other settlement expenses. The class members wondering about the payment can check the expected payment date and other details here.
California Gas Settlement Payment
Under the California gas settlement, the California Attorney General released the claim form earlier for businesses and non-California residents to submit the claim form to receive compensation from the fund of $13,930,000. The last date to file the claim form for the California Gas settlement was 08 Jan 2025, now people are wondering about the settlement payment.
The class members who have filed the claim form can expect the payment after the final approval hearing. The San Francisco Court will hold the final approval hearing of the California Gasoline Spot Market Antitrust settlement on 20 Feb 2025 at 10 AM.
If the court approves the settlement fund and distribution of the fund, the class members with a valid claim can expect the payout in a month or three. So, if the final approval is granted by the court handling the California Gas settlement and there is no appeal against the court’s decision, the valid claimants can expect the payment by May or June 2025.
What’s the California Gas settlement about?
The lawsuit was filed against SK Energy Americas, Vitol Inc., SK Trading International Co. Ltd., Brad Lucas, and David Niemann alleging the defendants traded products on the spot market were utilized to make Gasoline.
In 2020, a class action lawsuit was filed against all the defendants which stated they had increased and manipulated the price of the traded products in the spot market, which resulted in the high price of Gasoline.
The hike in Gasoline prices has created problems for businesses and residents, so they deserve compensation. The defendant denied the allegations but proposed to resolve the lawsuit with a settlement fund of up to $13,930,000.
California Gas Settlement Payment Amount Per Person
As we know, the California Gas settlement settlement fund is $13,930,000, however, the first the administrator will cover the following expenses before distributing the payment to the class members:
- Settlement notice and administration cost
- Service Awards to the class representatives
- Attorney Fees and expenses
- Other Fees and expenses
When the administrator deducts the court-approved cost and expenses from the gross settlement fund, the remaining net settlement fund will be used to pay the class members with valid claims.
The settlement class member payment depends on the number of claims and other factors, however, based on the administrator’s estimates, each member with valid claims will get the cash reward if the amount of the award is not less than $3.
The settlement payout is calculated based on how much Gasoline you have purchased in California and from where, or whether you are a non-California resident/business. Now, for people who have purchased gasoline worth $14085 in Southern California or $$281.69 in Northern California during the class period, your estimated payout will be less than $3, so you will not receive the payment.
The payout per person may vary, however, you can estimate the payment if you purchased the gasoline at a higher price, you may receive the following payment amount based on the claims rates:
- Businesses that qualify for the settlement will receive $1161.09 at a 5% claim rate, whereas at a 10% claim rate, the businesses can expect a $580.54 payout.
- The non-residents of California can expect a cash award of $11.53 at 1%, $5.76 at 2%, and $3.84 at a 3% claim rate.
Who can receive the California Gas Settlement Payment?
Under the California Gasoline settlement, people who meet the following conditions can claim and receive the settlement payment:
- You have to purchase gasoline (regular, medium, premium) in California for your personal use at retail between the class period, 18 Feb 2015 and 31 May 2017;
- When you buy gasoline when are California non-residents or a business during the class period
Exclusions:
- You have sold the gasoline that you have purchased or you have bought other fuels, like natural gas, diesel, etc.
- You are defendant employees, legal representatives, officers, directors, successors, heirs, affiliated companies, or subsidiaries, you are excluded from the settlement.
- You the immediate family member of the Judge associated with the settlement or court staff;
- You are a California resident who purchased the gasoline during the class period as it can affect your right;
- You have to submit the exclusion form before the deadline of 08 Jan 2025 to opt out of the settlement.
How will you receive the California Gas settlement payout?
The class members who have filed the claim form can receive the settlement payment through the following payment method:
- Business or non-California residents can receive the payment through a physical check if they have filed the claim form on paper and mailed it to the administrator.
- Now, businesses who opted to file the claim form online through the settlement website will receive the payment through their selected payment method, such as the business can receive the payment through PayPal or ACH, whereas non-California residents can receive the payment via Venmo, PayPal, or Amazon.
The California Gasoline settlement claimants who have filed the claim by 08 Jan 2025 can expect the payment only after the final approval, which is scheduled for 20 Feb 2025.