Cy pres awards are final surplus funds in class action cases, and sometimes others types of court proceedings, that for any number of reasons cannot be distributed to class members or beneficiaries who were the intended recipients. Cy pres distribution of surplus funds is utilized when it has become difficult or impossible to identify those to whom damages should be assigned or distributed. In these instances the court may authorizes a cy pres distribution to appropriate charitable organizations. The trust doctrine of cy pres and the courts’ broad equitable powers permit use of such funds for public interest purposes by educational, charitable, and other public service organizations. Cy pres funds may be used to support current programs or, where appropriate, to constitute an endowment and source of future income for long-range programs that can be used in conjunction with other contemporaneously raised funds.
Consider OBF for Cy Pres Awards
The OBF’s mission, “to promoted justice, fund critical legal services and advance public awareness of the law” makes it a perfect match for class action cy pres awards, as the underlying premise for class actions is to make access to justice a reality for “the little guy” who otherwise would not be able to obtain the protection of our court system.
Through the OBF’s comprehensive grant award process, applicants and a panel of diverse individuals with a wide range of interests and expertise come together to strategically and objectively allocate resources to support dozens of outstanding law-related programs and initiatives, making OBF an attractive charitable investment choice for cy pres awards.
The OBF has the flexibility of using cy pres awards to expand its comprehensive programs or to target funds towards specific access to justice projects and initiatives. Moreover, OBF’s purpose of advancing education, citizenship and justice for all is as American as apple pie. Corporate and institutional defendants involved in class action litigation need not be concerned about cy pres funds going to a party that is possibly antagonistic to their corporate or business interests.
The OBF is a proven organization that has been helping people for the more than sixty-years. OBF holds an important place in public interest law and in the philanthropic community, with diverse stakeholders that work to address legal service needs and eliminate systemic barriers to access to justice.
In recent years, the Oklahoma Bar Foundation has been fortunate to receive generous cy pres awards. These cy pres awards are key components for growth and outreach of OBF’s charitable mission and will enable the OBF to provide for increases in overall grant awards and the capacity for new initiatives. Cy pres awards to the Oklahoma Bar Foundation can and will make a tremendous difference benefiting law-related programs throughout Oklahoma.
Please contact the Oklahoma Bar Foundation today to further explore future Cy Pres awards that you will be working with.