Last hours for Americans to receive one-time payment from $5.1 million tax settlement – ​​you must meet two criteria

DRIVERS have until midnight to claim their share of a $5.1 million tax settlement.

Payments to claimants will vary depending on their individual losses.

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The settlement stems from a lawsuit against insurance company Geico, which alleged that the company did not correctly calculate and pay Title Ad Valorem Tax in full when settling claims filed by policyholders in Georiga.

TAVT is a one-time tax paid on a title that replaces annual sales and motor vehicle taxes and applies to most cars purchased in the state after March 1, 2013.

Geico was accused of not correctly calculating tax when resolving claims.

This agreement affects drivers who were paid by Geico between April 29, 2014 and December 31, 2019.

The insurer denied any wrongdoing but agreed to pay $5.1 million to settle the lawsuit.

HOW TO CLAIM THE MONEY

A preliminary agreement agreed in December revealed that around 30,000 drivers could receive a payment.

The amount each claimant receives will depend on the tax rate applicable on the date of their losses.

Class members who have already received partial payments from the typical insurance process may have their settlement payment reduced.

The deadline to file a complaint is May 20.

SAFE DRIVING

General Motors faces a similar $150 million safety settlement that prompted a recall.

Drivers of the company’s Chevy Bolt EV could receive a one-time payment of up to $1,400 from the settlement between General Motors and South Korean industrial group LG following recalls over faulty batteries.

General Motors issued a recall of Bolt EVs after multiple reports that the batteries were catching fire, resulting in a loss of just under $2 billion.

Bolt owners who installed software intended to fix battery problems before January 1, 2024 can claim the money.

Those who sold their Bolt, ended their lease, or purchased a new battery can receive at least $700.

“GM, LG Energy Solution and LG Electronics have agreed to a settlement with plaintiffs to resolve class action litigation related to the Bolt EV battery recall,” GM said in a statement emailed to Reuters.

“As a result, Bolt owners who received a battery replacement or who installed the latest advanced diagnostic software may be eligible for compensation.”

What is a class action settlement?

Class action lawsuits offer groups of people, or “classes,” a way to come together in court.

These lawsuits are often filed by one or a few people who allege that a company or other entity has harmed a large group of people.

When a lawsuit becomes a class action, it extends to all “class members,” or people who may have similar claims to those who filed the lawsuit.

Companies often settle class actions – offering payment to class members who typically waive their right to pursue legal action by accepting money.

These payment agreements often include statements from the defendant denying wrongdoing. Companies tend to settle class actions to avoid the costs of further litigation.

Pollution, discrimination or false advertising are some examples of what can lead to a class action lawsuit at a company’s door.

Another deal regarding false vitamin advertising is offering Americans their share of a $1.5 million pot.

Additionally, iPhone owners may be eligible for a $349 payment if they have a faulty audio chip.