Ticketmaster is known for two things: Selling tickets, and charging outrageous "processing fees." But now they're offering to settle an eight-year-old class action lawsuit by reimbursing their customers...a little.

Here's what you need to know about the proposed settlement:

#1.) Customers are entitled to a $1.50 refund for each ticket they purchased between October 21st of 1999 and October 19th of this year. You can also get an additional $5 for each ticket that you received through UPS' expedited shipping.

#2.) Both of those are limited to 17 orders, so that's a total of $25.50 for the tickets, and $110.50, if you qualify for the UPS credits.

#3.) The settlement will cost Ticketmaster at least $11.25 million over the next four years. If the claims don't reach that amount, the rest will be donated to charity.

So, how do YOU get your share? Here's how that will work.

Ticketmaster isn't cutting you a check. Instead, you'll have to use your refund on future purchases within four years. To do that, you'll receive special codes through the email address connected to your Ticketmaster account.

This won't be happening soon. A "final approval hearing" is scheduled for May 29th, so don't expect any codes before that. Although you may have received an email about the situation already.

(You can find more information at TicketFeeLitigation.com.)

That sounds good, but there is some bad news. Ticketmaster can still charge insane processing fees, they just have to indicate that it's for PROFIT, not actually "processing." And that's what they're going to do.

They released this statement: "Ticketmaster vigorously disputes that its previous descriptions of these fees were misleading...nonetheless, as part of the settlement, Ticketmaster has modified its disclosures to emphasize that there is a profit component in these fees."