On a rather dismal day in the stock market, Verizon (NYSE:VZ) stock closed up roughly 1% as the deadline for the Verizon class-action settlement looms near.

Today is the deadline for any eligible customers (those who were Verizon customers between 2016 and 2023) to claim a piece of the $100 million settlement the telecom giant agreed to pay. Those who wish to participate have until 11:59 p.m. Pacific to put their name into the hat.

It appears investors are pricing out this headwind, and considering Verizon on its future merits today. But for those who may have used Verizon over the past seven years, here is what you need to know.

How to Participate in the Verizon Class-Action Settlement

This class-action lawsuit is open to anyone with a Verizon wireless or data plan between Jan. 1, 2016 and Nov. 8, 2023. Emails were sent out, but those who may have changed emails or were not contacted directly can still participate by filling out a two-page online claims form on a special website. The settlement is the culmination of four different lawsuits over account administration fees that plaintiffs said were misleading.

This claim will allow each eligible individual to receive a base payout of $15, plus $1 per month said user was a Verizon client. The maximum payout from this settlement is capped at $100 per customer. This amount could decrease, depending on the number of individuals that join the class-action suit.

With very little effort, Verizon customers can be entitled to some free money. It may be worth diving into whether you’re eligible and filling out the form. There may not be such a thing as a free lunch, but in this case, lunch may be on Verizon.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.