I have received checks for class action lawsuits. I got five different checks from State Farm Insurance for five different accounts. The amounts were each in the thousands. I had to apply.
I also received a transfer into my PayPal account from the KEURIG K cup lawsuits. I had to apply and sent proof. The check was substantial, but not thousands. I just got most of my spent money back.
I have never received a check from a class action lawsuite that I did not apply for that was for more than $5 or $10.
I would deposit the check, but not spend the money until the check cleared. Sometimes, class actions are done on our behalf if we don't opt out, but I personally have never received $500 or even close to that for those types of suites.