Monday, November 11, 2013

How to claim for Cobb EMC Class Action Settlement?

Cobb EMC has agreed to pay a $98 million settlement to individuals and businesses that had accounts with Cobb EMC at any time before December 31, 2012.

Members of the Cobb EMC won a proposed settlement of a class action lawsuit, under which the company agreed to pay about $98 million in capital credits to nearly 900,000 current and former customers. The dispute was about profits that were supposed to be returned to the cooperative’s members, however were spent on things like naming rights to a Performing Arts Center. To make a claim for part of the settlement, anyone who was a member of the co-operative since Cobb EMC began in 1938 till the end of 2012 is eligible.

How to claim for Cobb EMC Class Action Settlement?

According to the representatives of Cobb Electric Membership Corp. and lawyers for the plaintiffs, they were satisfied with the settlement, which got primary approval on Oct. 10 from Cobb County Superior Court Judge, J. Stephen Schuster. This deal seems to be one of the leading settlements in the county's history, in which the money will be paid to two classes of EMC members - current and former. A call center and website is being formed. The amount to be paid to lawyers is yet to be determined, which will come from $98 million. As per an editorial in the Marietta Daily Journal about the settlement of the suit, payouts for every claimant will differ based on the duration of their membership and their electricity usage.

According to terms of the settlement, within 60 days, Cobb EMC will set aside an estimated $34 million to retire remaining capital credits allocated from 1972 through the first half of 1988. The remaining amount, estimated at $64 million, will go to reimburse individuals and businesses that were co-op members from the second half of 1988 through Dec. 31, 2012. A nationally recognized settlement administration firm - the Garden City Group will manage the claims and payment procedures.

Currently Cobb EMC has more than 177,000 residential and commercial members in 9 counties in metro Atlanta and southwest Georgia. Members can submit their claim forms until February of next year. Members get an option of taking their payment as a lump sum at the present day value of the credits, or as they mature over the next 24.6 years at full value.

The final approval hearing is scheduled on February 25, 2014 at 9:00 a.m. (Eastern Time). To receive payment, you should submit a valid Claim Form - Online, by fax to 1-866-582-3747, or by mail to:

Cobb EMC Class Action Settlement
c/o GCG
PO Box 10020.

Take a look at important dates mentioned below about Cobb EMC Class Action Settlement:
  • Requests for Exclusions should be received by January 10, 2014.
  • Objections to the Settlement should be received by January 10, 2014.
  • If you are filling out the claim form, you should send it by February 10, 2014.
  • Final Approval Hearing - February 25, 2014.

1 comment:

  1. I sent in my claim form as soon as I received it and have not received any word or a check from Cobb EMC My address was 458 Woodstone West Marietta GA My name is LaVon Kern my now address is 5545 Cantrell Rd Dawsonville GA 30534
    Why have I not received a check?