Deadlines Set for Rams PSL Holder Refunds
Seven Questions PSL Holders Need to Know
January 24, 2019, St. Louis, MO – A court has preliminarily approved the $24-million class action settlement for purchasers of personal seat licenses (PSLs) for the former St. Louis Rams football team. The court’s order establishes a settlement website for PSL holders to file claims (which will go live by February 16, 2019), procedures for notice of the settlement to be sent to class members, and a deadline for making claims to participate in the settlement.
“We are hopeful that everyone who had a PSL will get out and make a claim and want to ensure that class members have the information they need to file claims,” said Ryan Bruning, attorney with the Bruning Law Firm.
Class members must file a claim by mail or online at www.RamsPSLClassActionSettlement.com. Claims must be filed no later than August 23, 2019. Pursuant to the settlement agreement between the Rams and the PSL holders, a process is in place to verify the claim and the amount owed after a PSL holder files a claim.
Questions regarding the qualifications to receive a refund, opting-out of the settlement, the $24 million settlement cap, the timing of payments to PSL holders, and a timeline of important dates are addressed below.
PSL contracts were initially sold by an entity called “Fans, Inc.” In April 1996, the Rams started selling PSLs directly. The settlement includes purchases made both through Fans, Inc. and the Rams.
Payments to class members are based on 30-percent of the price paid for each PSL, which represents a full-reimbursement equivalent for the nine years remaining on the 30-year PSL contract when the Rams moved to Los Angeles after the 2015 season.
|PSL Tier Price||Pay-Out for Qualified Claim|
The following information may help PSL holders understand the settlement process. For more detailed information about the settlement process and important deadlines, please visit the settlement website at www.RamsPSLClassActionSettlement.com (site will be live February 16, 2019)
Who qualifies for a refund?
If you purchased a PSL from FANS, Inc., directly from the Rams, or from another PSL holder at any time, and if you never received a written cancellation notice from the Rams before the end of the 2015 season, you are likely a class member eligible to receive a part of the settlement funds. If you transferred your PSL or received a written cancellation notice from the Rams, you may not be in the class. The settlement includes a process to verify the claim and the amount owed after a PSL holder files a claim.
What if a PSL holder stopped buying season tickets?
Individuals who bought a PSL but stopped buying season tickets may still be eligible to participate in the settlement. If you stopped buying season tickets at any time, you may still be in the class if you did not receive a written notice from the Rams cancelling your PSL.
Are there exceptions?
You may receive payment for each PSL you owned at the end of the 2015 season as long as you did not transfer that PSL to someone else or receive a written notice from the Rams terminating that PSL.
Can PSL owners opt-out of the settlement?
PSL owners may opt-out of the settlement. The settlement website has detailed information about how to opt-out and the deadline to opt-out.
What if the number of claims exceeds the $24-million dollar settlement?
The $24 million settlement is divided evenly between the FANS Class and the Rams Class, and the total payment to each class is capped at $12 million. While it is highly unlikely, if the number of claims for either class exceeds the $12 million cap, the payment for each qualifying PSL in that class will be reduced proportionately for the class members.
When will PSL holders receive their money?
The date of payment to the class members is a bit uncertain because there is a court-approval process involved, which could take many months. The timing for when payment is made could also be extended if there are appeals after the court issues a final approval order. The settlement website has more detailed information about dates and the status of the court-approval process.
Is there a timeline for how events will unfold?
The following is a timeline of relevant deadlines in the settlement process.
|The Court issues its Preliminary Approval Order||January 24, 2019|
|The Settlement Website goes live at www.ramspslclassactionsettlement.com||February 16, 2019|
|The first of 3 consecutive weekly Publication Notices is printed in the Sunday edition of the St. Louis Post Dispatch||February 17, 2019|
|E-mail and Postcard Notice of the Settlement is sent out to Class members||February 19, 2019|
|Deadline for Class members to opt-out of the Settlement or object to its terms||April 9, 2019|
|The Court conducts a Final Approval Hearing to rule on objections to the settlement and determine whether the settlement should be approved as fair and reasonable||June 24, 2019|
|Deadline to file a claim||August 23, 2019|
|The Court issues its Final Approval Order||To be determined by the Court|
|The “Effective Date” of the Settlement Agreement
|30 days after the Court issues Final Approval Order |
orThe day any appeals by objectors are dismissed
|The Claims Administrator provides counsel a list of all claims qualifying for payment||160 days after the Court issues |
Final Approval Order
|Payment of Qualifying Claims
|Within 30 days of delivery of list of all qualifying claims (if no appeals by objectors are filed) |
orWithin 30 days after the Effective Date (if appeals are filed by objectors)