The Florida Bar Foundation is receiving a $500,000 Cy Pres award as part of a settlement in a $10 million settlement involving late-fee charges by Bank of America. Spearheading the class action lawsuit, Tampa attorney John A. Yanchunis of Morgan & Morgan Complex Litigation Group represented the plaintiffs.
“The Florida Bar Foundation serves individuals who need legal assistance but do not have the ability to pay for them,” Yanchunis said. “Moreover, the claims at the center of the case were consumer claims. The type of injury suffered by members of our class would probably be individuals without the ability to pursue litigation because of the expense of the litigation. The Florida Bar Foundation was a perfect recipient for the award.”
The cy pres doctrine allows the courts to approve a charitable donation out of unclaimed class action funds or a direct grant in lieu of damages to an organization that could vindicate class member rights in the future.