Opinion
MASTER FILE 02 Civ. 3288 (DLC).
January 13, 2005
ORDER
On January 7, 2005, ten Director Defendants in the class action in the Securities Litigation ("Settling Director Defendants") executed a settlement agreement ("Agreement") with Lead Plaintiff. The settlement is being funded by certain insurance companies ("Insurers") and the Settling Director Defendants. The Insurers have conditioned their participation in the settlement on, among other things, this Court deferring its ruling on the application for an order to advance defense costs to Director Defendant Roberts ("Roberts"), an order staying Roberts' lawsuit against the Insurers, and entry of the Agreement's bar order. On January 7, the settling parties also requested an immediate severance of the claims against the Director Defendants from those to be tried on February 28.
At a conference on January 11, the Court advised the parties that it would not approve a settlement conditioned on the Court deferring a ruling, and would not sever claims against the Director Defendants without giving preliminary approval to the settlement since the Insurers' participation in the settlement was conditional.
Various parties have submitted written objections to the Agreement's bar order and other provisions. Today, competing scheduling proposals for expedited briefing of the preliminary approval have been submitted. Having considered these submissions, it is hereby
ORDERED that the settling parties shall give notice by January 18, 2005, as to whether there is any modification to paragraph 9 or any other provision of the Agreement.
IT IS FURTHER ORDERED that briefs in support of and in opposition to preliminary approval of the Agreement shall be served and filed on January 20, 2005. Reply briefs shall be due January 24, 2005.
SO ORDERED: