Filed: Mar. 14, 2019
Latest Update: Mar. 14, 2019
Summary: STIPULATION REGARDING DISTRIBUTION OF ATTORNEYS' FEES AND COSTS FROM SETTLEMENT FUND; ORDER RICHARD SEEBORG , District Judge . WHEREAS, on August 29, 2018, the Court issued an Order Granting Final Approval of Settlement and Judgment ("Order") in which it ordered, inter alia, that attorneys' fees and costs in the total amount of $2,250,319.73 ("Attorney Award") be paid from the Settlement Fund to Class Counsel and stated that "Such amounts shall be paid according to the terms of the Settleme
Summary: STIPULATION REGARDING DISTRIBUTION OF ATTORNEYS' FEES AND COSTS FROM SETTLEMENT FUND; ORDER RICHARD SEEBORG , District Judge . WHEREAS, on August 29, 2018, the Court issued an Order Granting Final Approval of Settlement and Judgment ("Order") in which it ordered, inter alia, that attorneys' fees and costs in the total amount of $2,250,319.73 ("Attorney Award") be paid from the Settlement Fund to Class Counsel and stated that "Such amounts shall be paid according to the terms of the Settlemen..
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STIPULATION REGARDING DISTRIBUTION OF ATTORNEYS' FEES AND COSTS FROM SETTLEMENT FUND; ORDER
RICHARD SEEBORG, District Judge.
WHEREAS, on August 29, 2018, the Court issued an Order Granting Final Approval of Settlement and Judgment ("Order") in which it ordered, inter alia, that attorneys' fees and costs in the total amount of $2,250,319.73 ("Attorney Award") be paid from the Settlement Fund to Class Counsel and stated that "Such amounts shall be paid according to the terms of the Settlement Agreement";
WHEREAS, pursuant to section 3.1 of the Settlement Agreement, the $7 million Settlement Fund has been maintained since its inception in an interest-bearing account;
WHEREAS, pursuant to section 6.4 of the Settlement Agreement, Class Counsel had the right to receive payment of the Attorney Award within seven days of the Order upon providing certain documentation to the Claim Administrator, as well as the obligation, in the event of reversal of the Order, to repay the Attorney Award to the Settlement Fund plus interest that would have been earned on the Attorney Award had it not been withdrawn from the Settlement Fund;
WHEREAS, Class Counsel elected not to withdraw the Attorney Award while appeals from the Order were pending;
WHEREAS, the mandate of the Court of Appeals dismissing all appeals became effective March 8, 2019;
WHEREAS, the $7 million principal deposited into the Settlement Fund had as of March 5, 2019, earned approximately $60,226.54 in interest; and
WHEREAS, the Attorney Award represents 32.15% of total principal value of the Settlement Fund, so 32.15% of the earned interest is properly attributable to the amount of the Atttorney Award;
NOW THEREFORE, the Parties agree that in addition to the Attorney Award, the Claim Administrator should pay Class Counsel 32.15% of the interest earned by the Settlement Fund through the date upon which the Claim Administrator pays the Attorney Award to Class Counsel, and that all remaining interest shall be distributed to Class Members and Court-approved cy pres recipients pursuant to the terms of the Settlement Agreement.
STIPULATED AND AGREED:
GOOD CAUSE APPEARING THEREFOR, IT IS SO ORDERED.
