Sullivan v. DB Investments, Inc.

Full title: SHAWN SULLIVAN, et al., on behalf of themselves and all others similarly…

Court: United States District Court, D. New Jersey

Date published: May 22, 2008

Civil Action Index Nos. 04-CV-2819 (SRC), 01-CV-4463 (SRC), 04-CV-4098 (SRC) (D.N.J. May. 22, 2008)

Opinion

Civil Action Index Nos. 04-CV-2819 (SRC), 01-CV-4463 (SRC), 04-CV-4098 (SRC).

May 22, 2008

ORDER AWARDING ATTORNEYS' FEES, REIMBURSEMENT OF LITIGATION EXPENSES AND INCENTIVE AWARDS

STANLEY CHESLER, District JudgePage 2

AND NOW, this 22^nd day of May 2008, upon consideration of Plaintiffs' Motion to Adopt the Report and Recommendation of the Special Master for Attorneys' Fees, Reimbursement of Expenses, and Incentive Awards, the Court having read the submissions of the parties and Class Members and having heard argument, and the Court having filed a contemporaneous opinion setting forth the Court's independent evaluation of the seven Gunter factors and the three Prudential factors in deciding the motion, and having conducted its review of the Special Master's Report and Recommendation de novo, and taking into account all of the written and oral objections that the Court received, it is hereby:

ORDERED, ADJUDGED AND DECREED, that

1. The Court adopts the Report and Recommendation of Special Master on Incentive Awards, Cost Reimbursement and Attorneys' Fees dated February 15, 2008, except as specifically set forth herein.

2. The Court awards Class Counsel reimbursement of their out-of-pocket expenses in the amount of $2,807,810.94.

3. The Court awards an attorneys fee in the amount of 25% of the net settlement fund calculated on the principal portion of the Settlement Fund as follows:

Principal Settlement Fund $295,000,000.00 Less expenses $2,807,810.94 $292,192,189.06 x .25 _______________________ Fee Award $73,048,047.26 The Court rejects the Special Master's proposal that Class Counsel may apply for an additional award from the interest earned on the Settlement Fund, if there is a residual. The Court authorizes payment of Class Counsel's attorneys fees in the amount of $73,048,047.26 to be paid in accordance with the provisions of the Settlement Agreement.

4. For the reasons set forth in the Court's Opinion, the Court finds that the 25% attorneys' fee award on the principal settlement fund (less expenses) and not including any fee on the earned interest is fair and reasonable and in accord with Third Circuit precedent.

5. The attorneys' fees award and the cost award shall accrue interest actually earned from entry of this Order until the award is paid (minus any pro rata expenses and taxes on the earned interest), or in the alternative, Class Counsel is authorized to segregate the cost award and the fee award from the Settlement Fund upon entry of this Order.

6. The Court authorizes payment of incentive awards to the class representatives in the amounts set forth as follows:

From the direct purchaser portion of the Settlement Fund:

$85,000 to British Diamond Import Company

$85,000 to Anco Industrial Diamond Corporation

$5,000 to American Diamond Tool Gauge

From the indirect purchaser portion of the Settlement Fund:

$10,000 to Arrigotti Fine Jewelry

$5,000 to Shawn Sullivan

$5,000 to Thomas Hopkins

$5,000 to Emert A. and Katy Null (one award)

$5,000 to James Walnum

$5,000 to Andrew Leider

$5,000 to the Estate of Pamela Sue Cornwell

7. Pursuant to Federal Rule of Civil Procedure 54, the Court expressly directs entry of this Order as a final judgment as to the claims adjudicated herein.