Hmm...class action is a corporate action where companies had to pay clients who had previously purchased or have sold off their shares during a certain period and is deemed to have compensation due to some issues.
For example, Royal Dutch Shell has the following class action, that shareholders who had purchased during this period of April 8, 1999 till March 15, 2004 will be eligible for this compensation. Do remember to keep your brokage record or receipts.
Source: http://www.shell.com/home/content/investor/reserves_settlement/us/us_reserves_settlement.html
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