In 2016, the same settlement promised as much as $55 for entitled parties, but the payouts have apparently fattened.
In order to claim eligibility, you need to have bought a "Fat" PS3 between November 1, 2006, and April 1, 2010 at an "authorized retailer," like Best Buy or Walmart -- definitely not through your neighbor on Facebook Marketplace. Through the claim form, you can submit multiple claims if you bought more than one console. You have about a month left to file a claim, as the deadline is April 15.
Also, don't lie in any of the legal documents (duh!). You have to swear that you tried installing Linux, and provide your PS3's serial number and that you purchased it legally, among other requirements.
This isn't likely to affect the majority of PS3 owners, although the savviest proponents of PlayStation are likely to finally receive payment for their fierce dedication to the art of gaming. And then probably spend it on more games.