The Law Office of Richard S. Cornfeld, LLC, representing thousands of the original St. Louis Personal Seat License (PSL) owners, has reached a $24 million settlement agreement with the former St. Louis Rams.
On December 5, 2018, the Cornfeld firm and co-counsel asked the United States District Court for the Eastern District of Missouri for preliminary approval of the settlement and to begin the process of giving PSL owners formal notice of how to file a claim. Here is a link to the motion.
If approved by the court, the settlement will refund PSL owners 30 percent of the total they paid for their PSLs. PSLs were a one-time fee paid by Rams fans for the right to purchase season tickets.
“This settlement will provide our class members, original PSL owners, exactly what we sought for them, 30% of the purchase price of their PSLs for the Rams’ breach of contract,” said attorney Rick Cornfeld. “The PSL owners paid for 30 years of Rams football in St. Louis but got just 21 years. This settlement will give them their money back for the years of football they paid for but never received. But even better, they won’t have to pay our attorneys’ fees out of their recovery. The Rams will be paying those separately.”
PSLs were sold for varying prices between $250 and $4,500. If approved by the court, PSL owners will receive between $75 and $1,350 for each PSL.
In addition, PSL owners who let their season tickets lapse will still be able to participate in the settlement, so long as they didn’t receive a cancellation notice from the Rams.
After the Rams moved from St. Louis in 2016, the Cornfeld law firm, along with co-counsel The Bruning Law Firm, LLC, and Goldenberg Heller & Antognoli, P.C., filed a class-action suit seeking reimbursement to the PSL holders for the years they paid for but did not receive. This settlement is the result of that legal action. “It is an outstanding outcome for the people of this city,” said Attorney Cornfeld.
If the court approves the settlement, a website will be established for PSL owners to file their claim and further details will be announced.