Defendants’ Reason for Settlement Clause Samples

Defendants’ Reason for Settlement. Defendants have concluded that the further conduct of pending litigation against them would be protracted and expensive and that settlement is desirable. Defendants have considered the uncertainty and the risk of the outcome of any litigation, especially complex cases such as the Consolidated Actions. Substantial amounts of time, energy, and resources of Defendants have been and, unless this Settlement is completed, will continue to be devoted to the defense of the claims in the Consolidated Complaint. Defendants do not possess sufficient assets and insurance to satisfy the claims of the Class Members if a class judgment or individual judgments were obtained against them on the claims set forth in the Consolidated Actions. The insurance that does exist is being depleted by defense costs. Moreover, CSL is now closed. Defendants have, therefore, determined that it is desirable and beneficial that the Consolidated Actions be settled in the manner and upon the terms and conditions set forth herein.