$480 from a "class-action lawsuit"-taxable?

[Whoson1st]

In 05, I received a check from a law firm which was a settlement from a class-action lawsuit against "First-Plus" (a secondary mortgage company, that was bought out by another company years and years ago). Anyway--I had no idea that I was even part of the lawsuit which was brought against them. Anyway, the check had a note attached which siad that I should check with my tax professional to determine if this was taxable.
Does anyone have any idea about this?

I did have a loan with First-Plus which was paid -off when I sold my property years ago. I'm not even aware of what they did wrong to be sued....yet I got a check from it.

 

[LEYKIS101]

Everything I've seen shows they are taxable. Here's the link for research on the IRS site; if you have further questions I'd do some additional searches then consult a tax professional.

http://www.irs.gov/businesses/page/0,,id%3D7050,00.html#TaxTreat2

 

[Whoson1st]

Jackson-Hewlett Rep. told me that yes it is taxable. (What gets me is the silly way it was stated with the check the firm sent. "Check with your tax professional". I suppose no one does their own taxes these days---TOO DAMM COMPLICATED!