How do you get your share of a class action law suit.that has been settled?

Question

My daughter owned shares of Fruit of the Looms stock. We just learned that a class action law suite was brought against Fruit of the Looms and as a result, payouts were made to the individuals owning stock. My daughter was never contacted about this so she didn't get her share of the money. Is there anything she can do?

Answer 1

Usually, you get the notification from the people who are administering/filing the class action suit IF your daughter has owned the stock in the period that is included in the suit.

If this is the case, assuming your daughter does NOT have the stock certificate herself, but owns the stock in brokerage account, you should contact the brokerage.

When brokerage holds the stock for you, your stock, as well as everybody else's stock that brokerage has, is held under what's called a street name. (meaning all bunched up in one big holding) The class action administrator has no way of knowing about your daughter's ownership UNLESS the brokerage has provided the name to the administrator.

I'm guessing something happened in this process....