Rams settlement with St. Louis PSL holders could be worth $24 M

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  • December 7, 2018 at 12:25 am #94931
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    Rams settlement with St. Louis PSL holders could be worth $24 million

    http://www.theredzone.org/Blog-Description/EntryId/73938/Rams-settlement-with-St–Louis-PSL-holders-could-be-worth–24-million

    One of the biggest disputes remaining from the Rams relocating to Los Angeles concluded Wednesday with an agreement to pay as much as $24 million to fans who purchased personal seat licenses during the franchise’s two decades in St. Louis, Nathan Fenno of the Los Angeles Times reports.

    The deal, first reported by the Los Angeles Times last month, resolves three class-action lawsuits that were consolidated into one U.S. District Court case in St. Louis.

    “This settlement provides a substantial benefit that matches the relief we sought in the lawsuit,” Kevin Green, an attorney for the plaintiffs, said in a statement.

    The motion for preliminary approval Wednesday covers 46,000 PSLs first sold by FANS, Inc., the ticketing agent for the Rams, and later by the franchise. The PSLs, which allowed the owner to purchase season tickets for Rams games at the Edward Jones Dome, ran through 2024.

    The settlement refunds 30% of the PSL value since nine years remained on the original 30-year terms when NFL owners voted in January 2016 to approve the Rams returning to L.A. Payouts will range from $75 to $1,350 per claim depending on the PSL price tier.

    If the claims exceed $24 million, each payout will be reduced on a pro-rated basis to stay under the cap.

    The Rams also agreed to pay $7.2 million in fees for the plaintiffs’ attorneys, if approved by the court.

    A Rams spokeswoman declined to comment.

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