In In re BankAmerica Corp. Securities Litigation, 775 F.3d 1060 (8th Cir. 2015) (No. 13-2620), the Eighth Circuit addressed the use of cy pres to allocate undistributed funds from a class action settlement.  The parties agreed to, and the court approved, a $490 million settlement.  After two distribution efforts, approximately $2.5 million remained undistributed.  The parties requested the court to distribute the surplus funds by a cy pres award, and the court dispersed the funds to a local legal services charity.  The Eighth Circuit reversed the cy pres distribution, and established five principles to govern cy pres distributions:  (1) a cy pres distribution of unclaimed funds is permissible only when it is not feasible to make further distributions to class members, except where the distribution would provide a windfall to class members whose liquidated damages claims have already been 100% satisfied; (2) a cy pres distribution is not supported by a court declaring that all claims have been paid in full; (3) in considering a further distribution, the district court is not bound by language in a settlement agreement authorizing a cy pres distribution; (4) unless the amount of funds to be distributed is de minimus, the district court should make its cy presproposal publicly available and allow class members to suggest alternatives; and (5) when a cy pres distribution is made, it should be for the next best use for indirect class benefit.  In this case, further distributions were feasible, it was speculative to conclude that the claims of class members had been fully satisfied by the settlement, and the legal services charity selected by the court was not the next best recipient of settlement funds in a nationwide class action concerning violations of securities laws.