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What is a class action?

A class action is a lawsuit that allows for a large group of people with common claims to join together to advance one large claim against a common defendant or defendants. Class actions are an efficient and cost-effective way for groups of people with common claims to pursue a legal remedy.

What is certification?

In order for a class action to proceed, the court must determine whether it is an appropriate case for a class action.  Some of the factors the court will consider are the extent to which the claims of the class members have issues in common, and whether a class action is the best method of advancing the issues.

If the action is certified, a representative plaintiff will advance the action on behalf of all of the class members.

How do I know if I am a Class Member?

The proposed class for this class action consists of all people who held units of BetaPro S&P 500 VIX Short-Term Futures Daily Inverse ETF (“HVI”) at the close of business on February 5, 2018.

The court’s certification order will confirm the description of a class member. Once a certification order is obtained it will be posted to this website, and a notice will be sent out to potential class members.

Do I need to sign up to be a Class Member?

You do not need to “sign up” to become involved in a class action. If you are included in the class description, you are automatically a class member who will be affected by the outcome of the class action unless you decide to “opt out”.

Can I opt out of the class action and pursue my own claim?

Yes. When a class action is certified, class members will have opportunity to opt out of the action. If you do not opt out by the given deadline, you will be bound by the outcome of the class action. If you opt out, you will not receive any benefit if the action is successful.

Will there be any cost to class members for legal fees?

Typically, class actions are handled on a contingency fee basis, which means that the class action lawyers will be paid only if the class action is successful at trial or settled. In that case, class counsel fees may be paid by the defendants or out of the settlement or judgment proceeds.  The fees paid to the class action lawyers must be approved by the court.

In addition, the plaintiff may seek funding assistance from the Class Proceeding Fund.  If granted the funds are used for out-of-pocket expenses incurred by the lawyers for the class members in the course of the proceeding. 

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