Opinion
Timothy J. Burke, Stull, Stull & Brody, Los Angeles, CA.
Howard T. Longman (admitted pro hac), Stull, Stull & Brody, New York, NY.
Gary S. Graifman (admitted pro hac), Kantrowitz, Goldhamer & Graifman, Montvale, NJ, Co-Lead Counsel for Plaintiffs.
ORDER AUTHORIZING PAYMENT OF FEES AND EXPENSES TO CLAIMS ADMINISTRATOR AND DISBURSEMENT OF NET SETTLEMENT FUND TO CLAIMANTS
JEREMY FOGEL, District Judge.
WHEREAS, on May 14, 2008, this Court entered an Order and Final Judgment approving the terms of the Stipulation and Agreement of Settlement dated February 29, 2008 (the "Stipulation") in the above-referenced class action; and
WHEREAS, this Court has directed the parties to consummate the terms of the Stipulation;
WHEREAS, this Court has retained jurisdiction of this Action for the purpose of considering any further application or matter which may arise in connection with the administration and execution of the Settlement, the payment of fees and unreimbursed expenses to the claims administrator, and the processing of proofs of claim and the distribution of the Net Settlement Fund to the Authorized Claimants.
NOW, THEREFORE, upon reading and filing the Declaration of Michael Rosenbaum of Berdon Claims Administration LLC, the Claims Administrator, and upon all prior proceedings heretofore had herein and after due deliberation, it is hereby
ORDERED, that the administrative determinations of the Claims Administrator accepting the claims as indicated on the computer printout of accepted claims submitted with and described in the Affidavit of Michael Rosenbaum hereby are approved and said claims, including the 701 claims received after the filing deadline, are hereby accepted; and it is further;
ORDERED, that the administrative determinations of the Claims Administrator rejecting the claims as indicated on the computer printout of rejected claims submitted with and described in the Declaration of Michael Rosenbaum hereby are approved, and said claims are hereby are rejected; and it is further
ORDERED, that Berdon Claims Administration LLC be paid the sum of $1, 038, 167.24 from the Settlement Fund in payment of outstanding fees and expenses incurred in connection with administering the Settlement herein; and it is further
ORDERED, that the balance of the Settlement Fund after deducting the payments previously allowed and set forth herein (the "Net Settlement Fund") shall be distributed to the eligible Class Members whose claims have been accepted on a pro rata basis consistent with the Plan of Allocation; and it is further
ORDERED, that the checks for distribution to the accepted claimants shall bear the notation "CASH PROMPTLY, VOID AND SUBJECT TO RE-DISTRIBUTION IN 180 DAYS AFTER ISSUE DATE." Plaintiffs' Lead Counsel and the Claims Administrator are authorized to take appropriate action to locate and or contact any eligible claimant who has not cashed his, her or its check within said time; and it is further
ORDERED, that the costs of such services to locate and reissue checks to such claimants shall be payable from the unclaimed/uncashed monies remaining in the Net Settlement Fund; and it is further
ORDERED, that, as provided in the Plan of Allocation previously approved herein, after one year after the initial distribution of the Net Settlement Fund to eligible claimants and after appropriate efforts have been made to have the eligible claimants cash their checks, Plaintiffs' Lead Counsel are authorized, after payment of any unpaid costs or fees incurred in administering the Net Settlement Fund, to distribute any funds remaining in the Net Settlement Fund by reason of returned or unpaid checks or otherwise, to eligible claimants who have cashed their checks, provided that they would receive at least $10.00 on such re-distribution based on their Recognized Claims, after payment of any unpaid costs or fees incurred in administering the Net Settlement Fund for such re-distribution if economically feasible, or if after six months thereafter or after such re-distribution, any funds remain in the Net Settlement Fund, then such balance shall be contributed to not-for-profit, 501(c)(3) organization(s) designated by Plaintiffs' Co-Lead Counsel without further order of this Court; and it is further
ORDERED, that all persons involved in the review, verification, calculation, tabulation, or any other aspect of the processing of the claims submitted herein, or otherwise involved in the administration or taxation of the Settlement Fund or the Net Settlement Fund are released and discharged from any and all claims arising out of such involvement, and all Class Members, whether or not they are to receive payment from the Net Settlement Fund are barred from making any further claim against the Net Settlement Fund or the released persons beyond the amount allocated to them pursuant to this Order, and it is further
ORDERED, that the Claims Administrator is hereby authorized to discard paper or hard copies of the Proof of Claim forms and supporting documents not less than one year after the initial distribution of the Net Settlement Amount to the eligible claimants and electronic or magnetic media data not less than three years after the initial distribution of the Net Settlement Amount to the eligible claimants; and it is further
ORDERED, that this Court retain jurisdiction over any further application or matter which may arise in connection with this action; and it is further
ORDERED, that no claim cured after the date of entry of this Order may be accepted for any reason whatsoever.