PRC receives major cy pres award

PRC receives major cy pres award

By Karen Friedman

The Pension Rights Center is a national nonprofit consumer organization that relies on your support to continue the important work we do.

And we appreciate every contribution that we receive – large and small.

Today we are especially grateful to have been chosen to receive a special kind of donation called a cy pres award. In legal parlance, a cy pres award allows for the distribution of leftover funds from the settlement of a lawsuit to be disbursed to a charitable organization whose mission generally aligns with the purpose of the lawsuit.

Thanks to a settlement in a case against a large financial institution, Keller Rohrback LLP, Schneider Wallace Cottrell Konecky LLP, and the Law Offices of Jonathan Feigenbaum designated the Pension Rights Center as the recipient of a $389,483 cy pres award. The lawyers said that, in this particular case, it was impractical to distribute this portion of the settlement funds to pension plans and their participants. As a result, attorneys Jeff Lewis, James Bloom, and Jonathan Feigenbaum proposed, and the defendant agreed, to designate PRC as the recipient of these leftover funds.

According to Keller Rohrback attorney Jeff Lewis, “We are delighted to have obtained the award for the Pension Rights Center, which has for decades fought to protect and expand the retirement rights of workers and their families.”

We are so thankful for the cy pres award and will use it wisely to further the mission of the Pension Rights Center to ensure that older Americans have sufficient income to live on, to supplement Social Security, when they retire.

While we have received other cy pres awards in the past, this is by far the largest and we are endlessly grateful. We are always appreciative of these awards and will always use this money for the public interest.