More than 9,100 former NFL players have inquired about registering for the pending concussion settlement, class co-counsel Chris Seeger wrote in a letter sent to retirees. The up-to-$1B settlement was approved in April by the Third Circuit Court of Appeals, which on June 9 rejected an appeal to the full court. Objectors have three months from that date to appeal to the Supreme Court, so until then the settlement cannot be considered final. If the case is appealed, the settlement remains pending until the Supreme Court makes a decision on whether to accept it. Seeger wrote, “[W]e are hopeful that those who previously objected to the Settlement will take no additional action to further delay the Settlement benefits.” The NFL admits no fault in the settlement, which is designed to make payouts over 65 years.
Seeger also cautioned retirees about taking loans tied to the possible settlement proceeds as collateral, describing many of these transactions as predatory, writing, “These loans typically carry excessive interest rates, sometimes over 3% a month, which allow even small 'advances' to quickly snowball into substantial debt.”
