VIRIDIAN ENERGY Class Action Settlement

Written by Welcome on April 26, 2018

Viridian Energy Class Action Settlement, known as Sanborn, et al. v. Viridian Energy, Inc., Civil Action No. 3:14-cv-01731 (D. Ct.) Proposed Settlement and Claims Requirements for Affected Individuals and Entities.

A Brief Outline of the Viridian Energy Case.

A class action lawsuit was filed alleging Viridian charged an excessive variable rate for gas and electricity regardless of fluctuations in the underlying wholesale market price, and alleging that Viridian Energy breached its contracts with customers and its duty of good faith and fair dealing, and additionally violated various consumer protection laws. Settlement of the litigation was reached, and on February 16, 2018, the U.S. District Court for the District of Connecticut granted preliminary approval of the settlement.

Per the class notice for average usage customers and class notice for above average usage customers, Viridian Energy agreed to provide benefits to class members who submit valid claim forms for each gas and/or electric account with Viridian Energy. According to the class notices, the total aggregate value of the settlement from which cash settlement payments will be made is $18,500,000.

At this time, the proposed settlement between all parties has yet to garner formal approval from the courts, which is expected to occur at the June 25, 2018 final settlement approval hearing before the U.S. District Court for the District of Connecticut.

Class Members Must Act Before May 15, 2018 to Preserve All Their Legal Rights (in Connection with Exclusions and Objections). They Must Also File Claims by June 14, 2018.

Obtaining payment from the settlement requires filing a claim by June 14, 2018. Class members who fail to do so will not receive payment from the settlement.

Claimants Must Respond Urgently to the Pending Final Settlement Approval. Read below to learn more.

Who is Considered Part of the Settlement Class?

According to the class notice, you may be a member of the settlement class if you are a current or former Viridian customer that enrolled in a variable rate plan between July 1, 2009 and December 31, 2016. Those included in the settlement are divided into two groups, “Average Usage Class Members” (customers with an average annual utilization rate of 25,000 or less kilowatt hours or 2,500 less therms) and “Above-Average Usage Class Members” (customers with an average annual utilization rate of more than 25,000 kilowatt hours or more than 2,500 therms).

Any claim for money by a member of the class must be made on the settlement website or mailed no later than June 14, 2018. Class members who do not file claims by this date will receive no payment and will release their claims against Viridian Energy.

Considering the June 14, 2018 claim-filing deadline, and the May 15, 2018 exclusion and objection deadlines, taking prompt action is critical.

Important Deadlines for Filings Claims in the Viridian Energy Class Action Settlement.

Exclusion deadlines: If you are a member of the class and wish to be excluded from the settlement, you must mail a written request for exclusion to the settlement administrator that must be postmarked or received by May 15, 2018. If you exclude yourself from the settlement, you will not receive remuneration from the settlement, but will retain claims you may have against the Viridian Energy.

Objection deadlines: Class members may object that the settlement is not fair, reasonable or adequate. Objections must be submitted in writing and mailed so that they are received by the settlement administrator no later than May 15, 2018.

Who Are Members of Viridian Energy Class Action Settlement?

According to the class notices, the class includes current or former Viridian customer who enrolled in a variable rate plan between July 1, 2009 and December 31, 2016.

Summary of the Terms of the Proposed Viridian Energy Class Action Settlement.

The class notice indicates that Viridian Energy has agreed to pay class members who file valid claim forms cash payments by check or credits on future bills. Veridian Energy has also agreed to pay attorneys’ fees awarded to class counsel, and the class notice indicates class counsel may seek up to $4,500,000 in attorneys’ fees. In addition, Viridian Energy has agreed to pay Settlement Administration costs.

These and other provisions are set forth in the Viridian Energy settlement agreement.

Summary of Proposed Award to Legal Counsel for Fees and Expenses

Per the class notice, the attorneys for the class will ask the Court to award them attorneys’ fees of up to $4,500,000. These awards are subject to the court’s approval.

How Do Class Members File Claims in the Viridian Energy Class Action Settlement?

To receive a share of the settlement fund, class members must file a claim on the settlement website or complete a claim form and mail it to the Settlement Administrator so that it is received no later than  June 14, 2018. More information about the claims process can be found in the class notice for average usage customers and class notice for above average usage customers or on the settlement website.

Again, class members who do not file claims will not receive a payment from the settlement.

In addition, class members who do not believe the settlement is fair, reasonable, or adequate can object by mailing a written objection to the Settlement Administrator so that it is received by May 15, 2018.

Class members who do not wish to participate in the settlement may mail a written request for exclusion to the settlement administrator that must be received no later than May 15, 2018. Class members who exclude themselves from the settlement will not receive compensation from the settlement.

Meeting the May 15, 2018 Deadline for Objections or Exclusions Is Critical.

Additionally, Any Claims Must be Made by June 14, 2018.

A claim form must be completed on the settlement website or mailed by claimants wishing to assert their legal rights in light of the terms of the Viridian Energy settlement before the United States District Court, District of Connecticut. The mandatory date to file a claim is not later than June 14, 2018.

Class members who do not file a claim will not receive a payment from the settlement, and will release their claims against Viridian Energy related to the allegations in the lawsuit.

For more information, visit the Viridian Energy Class Action Settlement webpage at

www.VariableRateSettlement.com

References:

www.VariableRateSettlement.com

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