Establishment of Settlement Fund. a. Within twenty (20) business days after the Effective Date, Defendant shall pay the total sum of $17,850,000 (Seventeen Million Eight Hundred Fifty Thousand Dollars), less any amounts already advanced by Defendant for Administrative Expenses, to create a Settlement Fund. b. The Settlement Fund shall be used to pay (i) all Cash Awards pursuant to any Approved Claims; (ii) any incentive award to the Class Representatives; (iii) attorneys’ fees, costs, and expenses of Class Counsel; and (iv) costs of administration of the Agreement, including without limitation payment of Administrative Expenses. c. Any award of attorneys’ fees, administrative costs, or any other fees, costs, or benefits otherwise awarded in connection with the Settlement Agreement shall be payable solely out of the Settlement Fund. d. Provided that this Agreement is finally approved by the Court without material modification or amendment, the Settlement Fund, after deduction of fees and costs, will be used to satisfy Approved Claims for Settlement Class Members in exchange for a mutual release and covenants set forth in this Agreement, including, without limitation, a full, fair and complete release of all the Released Parties from Released Claims, and dismissal of the Litigation with prejudice. e. Settlement benefits shall be allocated to the Settlement Class Members via a claims process set forth in paragraph 53. f. The Court may require changes to the method of allocation to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms of the Settlement Agreement are not materially altered, including but not limited to the scope of the Release, the Class Period, and the amount of the Settlement Fund. g. Defendant’s contribution to the Settlement Fund shall be fixed under this Section and be final. Defendant shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond establishing the Settlement Fund. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to Defendant, less any Administrative Expenses paid to date. Plaintiffs shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
Appears in 3 contracts
Samples: Settlement Agreement, Settlement Agreement, Settlement Agreement
Establishment of Settlement Fund. a. Within twenty fourteen (2014) business days after of the Effective DateDate and receipt of Settlement Administrator instructions and a Form W-9 for the Settlement Administrator, Defendant Defendants or their insurer(s) shall pay to the Settlement Administrator the total sum of $17,850,000 (Seventeen Million Eight Hundred Fifty Thousand Dollars), less any amounts already advanced by Defendant for Administrative Expenses, 1,050,000.00 to create a Settlement Fund.
b. The Settlement Fund shall be used to pay (i) all Cash Awards pursuant to any Approved Claims; (ii) any incentive award to the Class Representatives; (iii) attorneys’ fees, costs, and expenses of Class Counsel; and (iv) costs of administration of the Agreement, including without limitation payment of Administrative Expenses.
c. Any award of attorneys’ fees, administrative costs, or any other fees, costs, or benefits otherwise awarded in connection with the Settlement Agreement shall be payable solely out of the Settlement Fund.
d. . Provided that Final Approval of this Agreement is finally approved granted by the Court without material modification change, material amendment, or amendmentmaterial modification, the Settlement Fund, after deduction of fees and costs, Fund will be used to satisfy Approved Claims all claims for Settlement Class Members in exchange for a mutual comprehensive release and the covenants set forth in this Agreement, including, without limitation, a full, fair fair, and complete release of all the Released Parties from Released Claims, and dismissal of the Litigation Action with prejudice. If the class size fluctuates by more than 1%, the total Settlement Fund will be adjusted up or down on a pro rata basis.
b. The funds provided by or on behalf of Defendants to the Settlement Administrator will be maintained by an escrow agent as a Court-approved Qualified Settlement Fund pursuant to Section 1.468B-1, et seq., of the Treasury Regulations promulgated under Section 468B of the Internal Revenue Code of 1986, as amended, and shall be deposited in an FDIC insured interest-bearing account created and controlled by the Settlement Administrator.
c. If the Settlement Agreement is not finally approved, the Parties shall each bear 50% of the financial responsibility for any Administrative Expenses.
d. The Settlement Fund shall be used to pay (i) Settlement Class Members’ claims; (ii) a Service Award to the Class Representative ($10,000.00); (iii) the Fee Award; and (iv) Administrative Expenses not to exceed $30,000.00.
e. The Settlement benefits shall be allocated to Fund represents the total extent of the Defendants’ monetary obligations under the Settlement Class Members via a claims process set forth in paragraph 53.
f. The Court may require changes to the method of allocation to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms of the Settlement Agreement are not materially altered, including but not limited to the scope of the Release, the Class Period, and the amount of the Settlement Fund.
g. Defendant’s contribution . Defendants’ contributions to the Settlement Fund shall be fixed under this Section and be final. Defendant Defendants and the other Released Parties shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement Settlement beyond establishing the Settlement Fund. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to Defendant, less any Administrative Expenses paid to date. Plaintiffs shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
Appears in 2 contracts
Samples: Settlement Agreement, Settlement Agreement
Establishment of Settlement Fund. a. Within twenty thirty (2030) business days after of Preliminary Approval of the Effective DateSettlement Agreement, Defendant Uber shall pay the total sum of twenty million dollars ($17,850,000 (Seventeen Million Eight Hundred Fifty Thousand Dollars), less any amounts already advanced by Defendant for Administrative Expenses, 20,000,000.00) to create a Settlement Fund.
b. The Settlement Fund shall be used to pay (i) all Cash Awards pursuant to any Approved Claims; (ii) any incentive award to the Class Representatives; (iii) attorneys’ fees, costs, and expenses of Class Counsel; and (iv) costs of administration of the Agreement, including without limitation payment of Administrative Expenses.
c. Any award of attorneys’ fees, administrative costs, or any other fees, costs, or benefits otherwise awarded in connection with the Settlement Agreement shall be payable solely out of the Settlement Fund.
d. . Provided that this Agreement is finally approved by the Court without material modification change, amendment or amendmentmodification, the Settlement Fund, after deduction of fees and costs, Fund will be used to satisfy Approved Claims for Settlement Class Members in exchange for a mutual release and covenants set forth in this Agreement, including, without limitation, a full, fair and complete release of all the Released Parties Releasees from Released Claims, and dismissal of the Litigation with prejudice.
e. Settlement benefits shall be allocated to the Settlement Class Members via a claims process set forth in paragraph 53.
f. The Court may require changes to the method of allocation to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms of the Settlement Agreement are not materially altered, including but not limited to the scope of the Release, the Class Period, and the amount of the Settlement Fund.
g. Defendant’s contribution to the Settlement Fund shall be fixed under this Section and be final. Defendant shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond establishing the Settlement Fund. b. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to DefendantUber, less any Administrative Expenses paid to date. Plaintiffs shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
c. The Settlement Fund shall be used to pay (i) Settlement Class Members’ benefits; (ii) service awards to the Plaintiffs; (iii) attorneys’ fees, costs, and expenses of Class Counsel; and (iv) costs of administration of the Agreement, including without limitation payment of Administrative Expenses.
d. Any award of attorneys’ fees, administrative costs, or any other fees, costs, or benefits otherwise awarded in connection with the Settlement Agreement shall be payable solely out of the Settlement Fund.
e. Uber’s contribution to the Settlement Fund shall be fixed under this Section and be final. Uber shall have no obligation to make further payments into the Settlement Fund, and shall have no financial responsibility or obligation relating to the settlement beyond the Settlement Fund.
f. Settlement benefits shall be allocated to the Settlement Class Members via a claims process set forth in paragraphs 46 and 47.
g. The Court may require changes to the method of allocation to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms of the Settlement Agreement are not altered, including but not limited to the scope of the Release, the Class Period, and the amount of the Settlement Fund.
Appears in 2 contracts
Samples: Settlement Agreement, Settlement Agreement
Establishment of Settlement Fund. a. Within twenty twenty-one (2021) business days after the Effective Dateof Preliminary Approval, Defendant shall pay create the Settlement Fund by paying to the Settlement Administrator the total sum of $17,850,000 600,000.00 (Seventeen Million Eight Six Hundred Fifty Thousand Dollars), less any amounts already advanced by Defendant for Administrative Expenses, to create a Settlement Fund.
b. The Settlement Fund shall be used to pay (i) all Cash Awards pursuant to any Approved Claims; (ii) any incentive award to the Class Representatives; (iii) attorneys’ fees, costs, and expenses of Class Counsel; and (iv) costs of administration of the Agreement, including without limitation payment of Administrative Expenses.
c. Any award of attorneys’ fees, administrative costs, or any other fees, costs, or benefits otherwise awarded in connection with the Settlement Agreement shall be payable solely out of the Settlement Fund.
d. . Provided that this Agreement is finally approved by the Court without material modification change, material amendment, or amendmentmaterial modification, the Settlement Fund, after deduction of fees and costs, Fund will be used to satisfy Approved Claims for Settlement Class Members and payment of all Administrative Expenses, Fee Awards and Incentive Awards, in exchange for a mutual comprehensive release and the covenants set forth in this Agreement, including, without limitation, a full, fair and complete release of all the Released Parties from Released Claims, and dismissal of the Litigation with prejudice.
e. Settlement benefits b. All funds required to be paid by Defendant under this paragraph shall be allocated provided by Defendant to the Settlement Administrator and maintained by an escrow agent as a Court-approved Qualified Settlement Fund pursuant to Section 1.468B-1 et seq. of the Treasury Regulations promulgated under Section 468B of the Internal Revenue Code of 1986, as amended, and shall be deposited in an interest-bearing account.
c. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to Defendant and shall be returned to Defendant, less any Administrative Expenses paid to date. Plaintiff shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
d. The Settlement Fund shall be used to pay (i) Approved Claims, (ii) an Incentive Award to the Class Members via Representative, (iii) the Fee Award; and (iv) costs of administration of the Agreement to the Settlement Administrator, including without limitation payment of Administrative Expenses.
e. In accordance with Section VI below, the amount of any uncashed checks after the expiration date, less any funds necessary for settlement administration, will be distributed to a claims process set forth in paragraph 53cy pres recipient(s) selected by the Parties and approved by the Court. In no event will any portion of the $600,000.00 Settlement Fund revert to or remain with Defendant.
f. The Settlement Fund represents the total extent of the Released Parties’ monetary obligations under the Settlement Agreement. Defendant's contribution to the Settlement Fund shall be fixed under this Section and be final. The Released Parties shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond the Settlement Fund.
g. The Court may require changes to the method of allocation to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms of the Settlement Agreement are not materially altered, including but not limited to the scope of the Release, the Class Periodscope of the Settlement Class, and the amount of the Settlement Fund.
g. Defendant’s contribution to the Settlement Fund shall be fixed under this Section and be final. Defendant shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond establishing the Settlement Fund. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to Defendant, less any Administrative Expenses paid to date. Plaintiffs shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
Appears in 1 contract
Samples: Settlement Agreement
Establishment of Settlement Fund. a. Within twenty twenty-one (2021) business days after the Effective Dateof Preliminary Approval, Defendant shall pay create the Settlement Fund by paying to the Settlement Administrator the total sum of $17,850,000 725,000.00 (Seventeen Million Eight Seven Hundred Fifty Twenty-Five Thousand Dollars), less any amounts already advanced by Defendant for Administrative Expenses, to create a Settlement Fund.
b. The Settlement Fund shall be used to pay (i) all Cash Awards pursuant to any Approved Claims; (ii) any incentive award to the Class Representatives; (iii) attorneys’ fees, costs, and expenses of Class Counsel; and (iv) costs of administration of the Agreement, including without limitation payment of Administrative Expenses.
c. Any award of attorneys’ fees, administrative costs, or any other fees, costs, or benefits otherwise awarded in connection with the Settlement Agreement shall be payable solely out of the Settlement Fund.
d. . Provided that this Agreement is finally approved by the Court without material modification change, material amendment, or amendmentmaterial modification, the Settlement Fund, after deduction of fees and costs, Fund will be used to satisfy Approved Claims for Settlement Class Members in exchange for a mutual comprehensive release and the covenants set forth in this Agreement, including, without limitation, a full, fair and complete release of all the Released Parties from Released Claims, and dismissal of the Litigation with prejudice.
e. Settlement benefits b. All funds required to be paid by Defendant under this paragraph shall be allocated provided by Defendant to the Settlement Class Members via Administrator and maintained by an escrow agent as a claims process set forth Court-approved Qualified Settlement Fund pursuant to Section 1.468B-1 et seq. of the Treasury Regulations promulgated under Section 468B of the Internal Revenue Code of 1986, as amended, and shall be deposited in paragraph 53an interest-bearing account.
f. c. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to Defendant, less any Administrative Expenses paid to date. Plaintiff shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved. FILED DATE: 11/26/2019 1:08 PM 2018CH05903
d. The Settlement Fund shall be used to pay (i) Approved Claims, (ii) an Incentive Award to the Class Representative, (iii) the Fee Award; and (iv) costs of administration of the Agreement to the Settlement Administrator, including without limitation payment of Administrative Expenses. If payment obligations from categories (i-iv) should amount to less than $725,000.00 (Seven Hundred Twenty-Five Thousand Dollars), the remainder of the fund shall be returned to Defendant, with the exception of one-half of the monetary value of claim checks that remain uncashed up to $5,000, which, together with one-half of the monetary value of the claim checks that remain uncashed up to $5,000 to be contributed by the Class or its Counsel, shall be paid to a cy pres recipient selected by the Parties and approved by the Court. Any such remaining funds shall be transferred by the Settlement Administrator to the Defendant within seven (7) days of the last payment of an Approved Claim.
e. The Court may require changes to the method of allocation to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms of the Settlement Agreement are not materially altered, including but not limited to the scope of the Release, the Class Periodscope of the Settlement Class, and the amount of the Settlement Fund.
g. Defendant’s contribution to the Settlement Fund shall be fixed under this Section and be final. Defendant shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond establishing the Settlement Fund. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to Defendant, less any Administrative Expenses paid to date. Plaintiffs shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
Appears in 1 contract
Samples: Settlement Agreement
Establishment of Settlement Fund. a. Within twenty twenty-one (2021) business days after of the Effective Dateentry of the Preliminary Approval Order, Defendant shall pay to the Settlement Administrator the total sum of Seventy- Three Thousand Five Hundred and Four Dollars ($17,850,000 (Seventeen Million Eight Hundred Fifty Thousand Dollars)73,504.00) based upon an estimated Settlement Class size of 69 individuals. If the Settlement Class is less than 69 individuals, less any amounts already advanced by Defendant for Administrative Expenses, to create a Settlement Fund.
b. The the Settlement Fund shall be used to pay (i) all Cash Awards pursuant to any Approved Claims; (ii) any incentive award to the Class Representatives; (iii) attorneys’ fees, costs, and expenses of Class Counsel; and (iv) costs of administration of the Agreement, including without limitation payment of Administrative Expenses.
c. Any award of attorneys’ fees, administrative costs, or any other fees, costs, or benefits otherwise awarded in connection with decreased pro rata by $1,000.00. If the Settlement Agreement Class is greater than 69 individuals, the Settlement Fund shall be payable solely out of the Settlement Fund.
d. increased pro rata by $1,000.00. Provided that this Agreement is finally approved by the Court without material modification change, material amendment, or amendmentmaterial modification, the Settlement Fund, after deduction of fees and costs, Fund will be used to satisfy Approved Claims for Settlement Class Members all payments contemplated by this Agreement in exchange for a mutual release and the covenants set forth in this Agreement, including, without limitation, a full, fair and complete release of all the Released Parties Releasees from Released Claims, and dismissal of the Litigation with prejudice.
e. Settlement benefits shall be allocated b. The funds provided by Defendant to the Settlement Class Members via Administrator will be maintained by an escrow agent as a claims process set forth Court-approved Qualified Settlement Fund pursuant to Section 1.468B-1 et seq. of the Treasury Regulations promulgated under Section 468B of the Internal Revenue Code of 1986, as amended, and shall be deposited in paragraph 53an interest- bearing account.
f. The Court may require changes to the method of allocation to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms of the Settlement Agreement are not materially altered, including but not limited to the scope of the Release, the Class Period, and the amount of the Settlement Fund.
g. Defendant’s contribution to the Settlement Fund shall be fixed under this Section and be final. Defendant shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond establishing the Settlement Fund. c. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to Defendant, less any Administrative Expenses paid to date. Plaintiffs Plaintiff shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
d. The Settlement Fund shall be used to pay (i) Approved Claims to the Settlement Class Members; (ii) an Incentive Award to the Class Representative; (ii) the Fee Award; and (iv) costs of administration of the Agreement to the Settlement Administrator, including without limitation payment of Administrative Expenses. Any remaining funds will be paid to Defendant.
e. Administrative Expenses, and any award of attorneys’ fees or any other fees, costs, or benefits otherwise awarded in connection with the Settlement Agreement, shall be payable solely out of the Settlement Fund.
f. The Settlement Fund represents the total extent of the Releasees’ monetary obligations under the Settlement Agreement. Defendant’s contribution to the Settlement Fund shall be fixed under this Section and be final. Releasees shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond the Settlement Fund.
Appears in 1 contract
Samples: Settlement Agreement
Establishment of Settlement Fund. a. Within twenty twenty-one (2021) business days after the Effective Dateof Preliminary Approval, Defendant shall pay create the Settlement Fund by paying to the Settlement Administrator the total sum of $17,850,000 467,500 (Seventeen Million Eight Four Hundred Fifty Thousand Sixty-Seven Thousand, Five Hundred Dollars), less any amounts already advanced by Defendant for Administrative Expenses, to create a Settlement Fund.
b. The Settlement Fund shall be used to pay (i) all Cash Awards pursuant to any Approved Claims; (ii) any incentive award to the Class Representatives; (iii) attorneys’ fees, costs, and expenses of Class Counsel; and (iv) costs of administration of the Agreement, including without limitation payment of Administrative Expenses.
c. Any award of attorneys’ fees, administrative costs, or any other fees, costs, or benefits otherwise awarded in connection with the Settlement Agreement shall be payable solely out of the Settlement Fund.
d. . Provided that this Agreement is finally approved by the Court without material modification change, material amendment, or amendmentmaterial modification, the Settlement Fund, after deduction of fees and costs, Fund will be used to satisfy Approved Claims for Settlement Class Members in exchange for a mutual comprehensive release and the covenants set forth in this Agreement, including, without limitation, a full, fair and complete release of all the Released Parties from Released Claims, and dismissal of the Litigation with prejudice.
e. Settlement benefits b. All funds required to be paid by Defendant under this paragraph shall be allocated provided by Defendant to the Settlement Class Members via Administrator and maintained by an escrow agent as a claims process set forth Court-approved Qualified Settlement Fund pursuant to Section 1.468B-1 et seq. of the Treasury Regulations promulgated under Section 468B of the Internal Revenue Code of 1986, as amended, and shall be deposited in paragraph 53an interest-bearing account.
f. The Court may require changes to the method of allocation to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms of the Settlement Agreement are not materially altered, including but not limited to the scope of the Release, the Class Period, and the amount of the Settlement Fund.
g. Defendant’s contribution to the Settlement Fund shall be fixed under this Section and be final. Defendant shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond establishing the Settlement Fund. c. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to Defendant, less any Administrative Expenses paid to date. Plaintiffs shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
d. The Settlement Fund shall be used to pay (i) Approved Claims, (ii) an Incentive Award to the Class Representatives, (iii) the Fee Award; and (iv) costs of administration of the Agreement to the Settlement Administrator, including without limitation payment of Administrative Expenses. If payment obligations from categories (i-iv) should amount to less than $467,500 (Four Hundred Sixty-Seven Thousand, Five Hundred Dollars), the remainder of the fund shall be returned to Defendant, with the exception of one-half of the monetary value of claim checks that remain uncashed up to $5,000, which, together with one-half of the monetary value of the claim checks that remain uncashed up to $5,000 to be contributed by the Class or its Counsel, shall be paid to a cy pres recipient selected by the Parties and approved by the Court. Any such remaining funds shall be transferred by the Settlement Administrator to the Defendant within seven (7) days of the last payment of an Approved Claim.
e. The Court may require changes to the method of allocation to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms of the Settlement Agreement are not altered, including but not limited to the scope of the Release, the scope of the Settlement Class, and the amount of the Settlement Fund.
Appears in 1 contract
Samples: Settlement Agreement
Establishment of Settlement Fund. a. Within twenty (20) business days after Defendant agrees to establish a Settlement Fund in the Effective Date, Defendant shall pay the total sum amount of $17,850,000 1,565,100.00 (Seventeen One Million Eight Five Hundred Fifty Sixty-Five Thousand One Hundred Dollars), less which will fully resolve this action on a class-wide basis. In the event that the class size increases or decreases by more than 20 people from the estimated class size of 1,739 people the Settlement Fund will increase or decrease by $900 per person, respectively. The Settlement Fund will pay for all fees and costs of administration of the settlement, including claims, notice and other administration costs, an incentive award to Plaintiff, and Plaintiff’s attorneys’ fees and expenses. Each Class Member who submits a timely and valid claim form shall be paid a pro rata distribution so that each claimant receives the same amount after payment of Administrative Expenses and any amounts already advanced Fee Award and incentive award awarded by Defendant the Court. In no event will any portion of the $1,565,100.00 Settlement Fund revert to or remain with Defendant. Class Counsel shall cause the Settlement Administrator to provide Defendant’s Counsel: (i) check payment instructions, and (ii) an IRS Form W-9 for Administrative Expenses, to create a the Settlement Fund.
b. The Within thirty (30) days after the entry of the Preliminary Approval Order, Defendant shall fund the Settlement Fund shall be used to pay in the amount of $1,565,100.00 (i) all Cash Awards pursuant One Million Five Hundred Sixty-Five Thousand One Hundred Dollars), subject to any Approved Claims; (iiincrease or decrease required by Paragraph 55(a) any incentive award to the Class Representatives; (iii) attorneys’ fees, costs, and expenses of Class Counsel; and (iv) costs of administration of the Agreement, including without limitation payment of Administrative Expenses.
c. Any award of attorneys’ fees, administrative costs, or any other fees, costs, or benefits otherwise awarded in connection with the Settlement Agreement shall be payable solely out of the Settlement Fund.
d. above. Provided that Final Approval of this Agreement is finally approved granted by the Court without material modification change, material amendment, or amendmentmaterial modification, the Settlement Fund, after deduction of fees and costs, Fund will be used to satisfy Approved Claims for Settlement Class Members in exchange for a mutual comprehensive release and the covenants set forth in this Agreement, including, without limitation, a full, fair and complete release of all the Released Parties from Released Claims, and dismissal of the Litigation with prejudice.
e. Settlement benefits shall be allocated c. All funds provided to the Settlement Administrator by Defendant under this Agreement shall be maintained by an escrow agent as a Court-approved Qualified Settlement Fund pursuant to Section 1.468B-1, et seq., of the Treasury Regulations promulgated under Section 468B of the Internal Revenue Code of 1986, as amended, and shall be deposited in an interest- bearing account.
d. If the Settlement Agreement is not finally approved for any reason, the Settlement Fund belongs to Defendant, and will be repaid to Defendant within ten (10) days less any Administrative Expenses paid to date. Plaintiff shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
e. The Settlement Fund shall be used to pay (i) Approved Claims, (ii) an Incentive Award to the Class Members via a claims process set forth in paragraph 53Representative, (iii) the Fee Award; and (iv) costs of administration of the Agreement to the Settlement Administrator, including without limitation payment of Administrative Expenses.
f. The amount of any uncashed checks after the expiration date, less any funds necessary for settlement administration, will be distributed to a cy pres recipient(s) selected by the Parties and approved by the Court.
g. The Settlement Fund represents the total extent of Defendant’s monetary obligations under the Settlement Agreement. Defendant’s contributions to the Settlement Fund shall be fixed under this Agreement and final. Defendant shall have no obligation to make further payments to the Settlement Fund and shall have no financial responsibility or obligation relating to the Settlement beyond the Settlement Fund.
h. The Court may require changes to the method of allocation to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms of the Settlement Agreement are not materially altered, including but not limited to the scope of the Release, the Class Periodscope of the Settlement Class, and the terms and amount of the Settlement Fund.
g. Defendant’s contribution to the Settlement Fund shall be fixed under this Section and be final. Defendant shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond establishing the Settlement Fund. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to Defendant, less any Administrative Expenses paid to date. Plaintiffs shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
Appears in 1 contract
Samples: Settlement Agreement
Establishment of Settlement Fund. a. Within twenty seven (207) days after the entry of the Preliminary Approval Order, Defendant shall fund the Settlement Fund in the amount of $20,000.00 (Twenty Thousand Dollars) to pay for Administrative Expenses. Within three (3) business days after of the Effective Date, Defendant shall pay fund the total sum of $17,850,000 (Seventeen Million Eight Hundred Fifty Thousand Dollars), less any amounts already advanced by Defendant for Administrative Expenses, to create a Settlement Fund.
b. The Settlement Fund shall be used to pay (i) all Cash Awards pursuant to any Approved Claims; (ii) any incentive award to the Class Representatives; (iii) attorneys’ fees, costs, and expenses of Class Counsel; and (iv) costs of administration of the Agreement, including without limitation payment of Administrative Expenses.
c. Any award of attorneys’ fees, administrative costs, or any other fees, costs, or benefits otherwise awarded in connection with the Settlement Agreement shall be payable solely out remainder of the Settlement Fund.
d. Fund as needed to satisfy the categories of payments set forth in paragraph (d) below, consistent with the provisions of Section XV. Provided that this Agreement is finally approved by the Court without material modification change, material amendment, or amendmentmaterial modification, the Settlement Fund, after deduction of fees and costs, Fund will be used to satisfy Approved Claims for the Settlement Payment to Class Members in exchange for a mutual comprehensive release and the covenants set forth in this Agreement, including, without limitation, a full, fair and complete release of all the Released Parties from Released Claims, and dismissal of the Litigation with prejudice.
e. Settlement benefits b. The amount to be paid by Defendant under this Section shall be allocated provided by Defendant to the Settlement Class Members via Administrator and maintained by an escrow agent as a claims process Court-approved Qualified Settlement Fund pursuant to Section 1.468B-1 et seq. of the Treasury Regulations promulgated under Section 468B of the Internal Revenue Code of 1986, as amended, and shall be deposited in an interest-bearing account as set forth above in paragraph 5319.
f. The Court may require changes c. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to the method of allocation Defendant, less any Administrative Expenses paid to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms date. Plaintiff shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Agreement are not materially altered, including but not limited to Fund in the scope of the Release, the Class Period, and the amount of event that the Settlement FundAgreement is not finally approved.
g. d. The Settlement Fund represents the total extent of Defendant’s monetary obligations under the Settlement Agreement. Defendant’s contribution to the Settlement Fund shall be fixed under this Section and be final. Defendant shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement Settlement beyond establishing the Settlement Fund. If .
e. The Court may require changes to the method of allocation to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms of the Settlement Agreement is are not finally approvedaltered, including but not limited to the scope of the Release, the Settlement Fund belongs to Defendant, less any Administrative Expenses paid to date. Plaintiffs shall have no financial responsibility for any Administrative Expenses paid out scope of the Settlement Fund in Class, and the event that amount of the Settlement Agreement is not finally approvedFund.
Appears in 1 contract
Samples: Settlement Agreement
Establishment of Settlement Fund. a. Within twenty sixty (2060) business days after of the Effective Dateentry of the Preliminary Approval Order, Defendant shall pay to the Settlement Administrator the total sum of Five Hundred Eight Thousand Three Hundred Dollars ($17,850,000 (Seventeen Million Eight 508,300.00) based upon an estimated Settlement Class size of 442 individuals or One Thousand One Hundred Fifty Thousand Dollars)Dollars ($1,150.00) per each member of the Settlement Class. If the Settlement Class is less than 442 individuals, less any amounts already advanced by Defendant for Administrative Expenses, to create a Settlement Fund.
b. The the Settlement Fund shall be used to pay (i) all Cash Awards pursuant to any Approved Claims; (ii) any incentive award to the Class Representatives; (iii) attorneys’ fees, costs, and expenses of Class Counsel; and (iv) costs of administration of the Agreement, including without limitation payment of Administrative Expenses.
c. Any award of attorneys’ fees, administrative costs, or any other fees, costs, or benefits otherwise awarded in connection with decreased pro rata by $1,150.00. If the Settlement Agreement Class is greater than 442 individuals, the Settlement Fund shall be payable solely out of the Settlement Fund.
d. increased pro rata by $1,150.00. Provided that this Agreement is finally approved by the Court without material modification change, material amendment, or amendmentmaterial modification, the Settlement Fund, after deduction of fees and costs, Fund will be used to satisfy Approved Claims for Settlement Class Members all payments contemplated by this Agreement in exchange for a mutual release and the covenants set forth in this Agreement, including, without limitation, a full, fair and complete release of all the Released Parties Releasees from Released Claims, and dismissal of the Litigation with prejudice.
e. Settlement benefits shall be allocated b. The funds provided by Defendant to the Settlement Class Members via Administrator will be maintained by an escrow agent as a claims process set forth Court-approved Qualified Settlement Fund pursuant to Section 1.468B-1 et seq. of the Treasury Regulations promulgated under Section 468B of the Internal Revenue Code of 1986, as amended, and shall be deposited in paragraph 53an interest- bearing account.
f. The Court may require changes to the method of allocation to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms of the Settlement Agreement are not materially altered, including but not limited to the scope of the Release, the Class Period, and the amount of the Settlement Fund.
g. Defendant’s contribution to the Settlement Fund shall be fixed under this Section and be final. Defendant shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond establishing the Settlement Fund. c. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to Defendant, less any Administrative Expenses paid to date. Plaintiffs Plaintiff shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
d. The Settlement Fund shall be used to pay (i) Approved Claims to the Settlement Class Members; (ii) an Incentive Award to the Class Representative; (ii) the Fee Award; and (iv) costs of administration of the Agreement to the Settlement Administrator, including without limitation payment of Administrative Expenses. Any remaining funds will be paid to Defendant.
e. Administrative Expenses, and any award of attorneys’ fees or any other fees, costs, or benefits otherwise awarded in connection with the Settlement Agreement, shall be payable solely out of the Settlement Fund.
f. The Settlement Fund represents the total extent of the Releasees’ monetary obligations under the Settlement Agreement. Defendant’s contribution to the Settlement Fund shall be fixed under this Section and be final. Releasees shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond the Settlement Fund.
Appears in 1 contract
Samples: Settlement Agreement
Establishment of Settlement Fund. a. Within twenty thirty (2030) business days after the Effective Dateentry of the Preliminary Approval Order and receipt of payee instructions and a Form W-9 for the payee, Defendant the Facility Defendants (other than Downers Grove Supportive Living Facility, LLC) shall pay to the total sum Settlement Administrator the amount of Seven Million Dollars ($17,850,000 (Seventeen Million Eight Hundred Fifty Thousand Dollars), less any amounts already advanced by Defendant for Administrative Expenses, 7,000,000) to create a Settlement Fund.
b. The . If more than sixty-seven percent (67%) of all eligible Settlement Class Members submit an Approved Claim by the Claims Deadline, the Facility Defendants (other than Downers Grove Supportive Living Facility, LLC) will contribute an additional three million U.S. dollars ($3,000,000.00) into the Settlement Fund shall be used to pay within thirty (i30) all Cash Awards pursuant to any Approved Claims; (ii) any incentive award to the Class Representatives; (iii) attorneys’ fees, costs, and expenses of Class Counsel; and (iv) costs of administration of the Agreement, including without limitation payment of Administrative Expenses.
c. Any award of attorneys’ fees, administrative costs, or any other fees, costs, or benefits otherwise awarded in connection with days after the Settlement Agreement shall be payable solely out of Administrator informs Facility Defendants that such condition is satisfied, thereby increasing the Settlement Fund.
d. Fund to its maximum amount. Provided that this Agreement is finally approved received Final approval by the Court without material modification change, material amendment, or amendmentmaterial modification, the Settlement Fund, after deduction of fees and costs, Fund will be used distributed to satisfy Approved Claims for Settlement Class Members (according to the terms set forth herein) in exchange for a mutual the release and covenants set forth in this Agreementherein, including, without limitation, a full, fair and complete release by Releasors of all the Released Parties Releasees from Released Claims, and dismissal of the Litigation with prejudice.
e. b. The Net Settlement benefits Fund shall be allocated distributed to the Settlement Class Members via a claims process as set forth in paragraph 53this Agreement if the proposed settlement is approved and becomes Final.
f. c. The Court may require changes to the method of allocation to Settlement Class Members without invalidating this Settlement Agreement, funds provided that the other material terms of the Settlement Agreement are not materially altered, including but not limited to the scope of the Release, the Class Period, and the amount of the Settlement Fund.
g. Defendant’s contribution by Facility Defendants to the Settlement Administrator will be maintained by an escrow agent as a Court-approved Qualified Settlement Fund pursuant to Section 1.468B-1 et seq. of the Treasury Regulations promulgated under Section 468B of the Internal Revenue Code of 1986, as amended, and shall be fixed under this Section and be final. Defendant shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond establishing the Settlement Fund. deposited in an interest- bearing account.
d. If the Settlement Agreement is does not finally approvedreceive Final approval, the Settlement Fund belongs to Defendantthe Facility Defendants (or their insurers, as the case may be), less any Administrative Expenses paid to date. Plaintiffs shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is does not finally approvedreceive Final approval.
e. The Settlement Fund shall be used to pay: (i) the Settlement Class Members; (ii) Incentive Awards to the Plaintiffs; (iii) the Fee Award; and
Appears in 1 contract
Samples: Settlement Agreement
Establishment of Settlement Fund. a. Within twenty twenty-one (2021) business days after of Preliminary Approval, Defendant shall create the Settlement Fund by paying to the Settlement Administrator a reasonable estimate of the Administrative Expenses. Within seven (7) days of the Effective DateDate of this Agreement, Defendant shall pay to the total sum Settlement Administrator the remainder of $17,850,000 (Seventeen Million Eight Hundred Fifty Thousand Dollars), less any amounts already advanced by Defendant the Settlement Fund. The foregoing payment obligations are contingent upon receipt of adequate payment instructions and a valid W-9 for Administrative Expenses, to create a the Settlement Fund.
b. All funds required to be paid by Defendant under this paragraph shall be provided by Defendant to the Settlement Administrator and maintained by an escrow agent as a Court-approved Qualified Settlement Fund pursuant to Section 1.468B-1 et seq. of the Treasury Regulations promulgated under Section 468B of the Internal Revenue Code of 1986, as amended, and shall be deposited in an interest-bearing account.
c. If the Settlement Agreement is not finally approved, the Settlement Administrator shall return any monies paid by Defendant to the Settlement Fund to Defendant within 15 days of the denial of final approval, less any Administrative Expenses paid to such date. Plaintiffs shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
d. The Settlement Fund shall be used to pay (i) all Cash Awards pursuant to any Approved Claims; , (ii) any incentive award Incentive Awards to the Class Representatives; , (iii) attorneys’ fees, costs, and expenses of Class Counselthe Fee Award; and (iv) costs of administration of the AgreementAgreement to the Settlement Administrator, including without limitation payment of Administrative Expenses.
c. Any award e. In accordance with Section VI below, the amount of attorneysany uncashed checks after 100 days, less any funds necessary for settlement administration, will be distributed to a cy pres recipient(s) selected by the Parties and approved by the Court.
f. The Settlement Fund represents the total extent of the Released Parties’ fees, administrative costs, or any other fees, costs, or benefits otherwise awarded in connection with monetary obligations under the Settlement Agreement Agreement. Defendant’s contribution to the Settlement Fund shall be payable solely out of fixed under this Section and in accordance with Paragraph 56(a) above. Defendant and Released Parties shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond the Settlement Fund.
d. Provided that this Agreement is finally approved by the Court without material modification or amendment, the Settlement Fund, after deduction of fees and costs, will be used to satisfy Approved Claims for Settlement Class Members in exchange for a mutual release and covenants set forth in this Agreement, including, without limitation, a full, fair and complete release of all the Released Parties from Released Claims, and dismissal of the Litigation with prejudice.
e. Settlement benefits shall be allocated to the Settlement Class Members via a claims process set forth in paragraph 53.
f. g. The Court may require changes to the method of allocation to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms of the Settlement Agreement are not materially altered, including but not limited to the scope of the Release, the Class Periodscope of the Settlement Class, and the amount of the Settlement Fund.
g. Defendant’s contribution to the Settlement Fund shall be fixed under this Section and be final. Defendant shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond establishing the Settlement Fund. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to Defendant, less any Administrative Expenses paid to date. Plaintiffs shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
Appears in 1 contract
Samples: Settlement Agreement
Establishment of Settlement Fund. a. Within twenty (20) business days after Defendant agrees to establish a Settlement Fund in the Effective Date, Defendant shall pay the total sum amount of $17,850,000 1,500,000.00 (Seventeen One Million Eight Five Hundred Fifty Thousand Dollars), less any amounts already advanced by Defendant for Administrative Expenses, to create which will fully resolve this action on a Settlement Fund.
b. class-wide basis. The Settlement Fund shall be used to will pay (i) for all Cash Awards pursuant to any Approved Claims; (ii) any incentive award to the Class Representatives; (iii) attorneys’ fees, costs, fees and expenses of Class Counsel; and (iv) costs of administration of the Agreementsettlement, including without limitation payment of Administrative Expenses.
c. Any claims, notice and other administration costs, an incentive award of to Plaintiff, and Plaintiff’s attorneys’ fees, administrative costs, or any other fees, costs, or benefits otherwise awarded in connection with the Settlement Agreement fees and expenses. Each Class Member who submits a timely and valid Claim Form shall be payable solely out paid a pro rata distribution so that each claimant receives the same amount. Defendant represents that the value of the Settlement FundFund is the remaining balance of its insurance policy applicable to BIPA claims.
d. b. Within fourteen (14) days after the entry of the Preliminary Approval Order, Defendant shall fund the Settlement Fund in the amount of $1,500,000.00 (One Million Five Hundred Thousand Dollars). Provided that Final Approval of this Agreement is finally approved granted by the Court without material modification change, material amendment, or amendmentmaterial modification, the Settlement Fund, after deduction of fees and costs, Fund will be used to satisfy Approved Claims for Settlement Class Members in exchange for a mutual comprehensive release and the covenants set forth in this Agreement, including, without limitation, a full, fair and complete release of all the Released Parties from Released Claims, and dismissal of the Litigation with prejudice.
e. Settlement benefits shall be allocated c. All funds provided to the Settlement Administrator by Defendant under this Agreement shall be maintained by an escrow agent as a Court-approved Qualified Settlement Fund pursuant to Section 1.468B-1, et seq., of the Treasury Regulations promulgated under Section 468B of the Internal Revenue Code of 1986, as amended, and shall be deposited in an interest- bearing account.
d. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to Defendant, as the case may be, and will be repaid to Defendant less any Administrative Expenses paid to date. Plaintiff shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
e. The Settlement Fund shall be used to pay (i) Approved Claims, (ii) an Incentive Award to the Class Members via a claims process set forth in paragraph 53Representative, (iii) the Fee Award; and (iv) costs of administration of the Agreement to the Settlement Administrator, including without limitation payment of Administrative Expenses.
f. The amount of any uncashed checks after the expiration date, less any funds necessary for settlement administration, will be distributed to a cy pres recipient(s) selected by the Parties and approved by the Court. In no event will any portion of the $1,500,000.00 Settlement Fund revert to or remain with Defendant.
g. The Settlement Fund represents the total extent of Defendant’s monetary obligations under the Settlement Agreement. Defendant’s contributions to the Settlement Fund shall be fixed under this Agreement and final. Defendant shall have no obligation to make further payments to the Settlement Fund and shall have no financial responsibility or obligation relating to the Settlement beyond the Settlement Fund.
h. The Court may require changes to the method of allocation to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms of the Settlement Agreement are not materially altered, including but not limited to the scope of the Release, the Class Periodscope of the Settlement Class, and the terms and amount of the Settlement Fund.
g. Defendant’s contribution to the Settlement Fund shall be fixed under this Section and be final. Defendant shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond establishing the Settlement Fund. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to Defendant, less any Administrative Expenses paid to date. Plaintiffs shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
Appears in 1 contract
Samples: Settlement Agreement
Establishment of Settlement Fund. a. Within twenty thirty (2030) business days after of the Effective Dateentry of the Preliminary Approval Order, and receipt of payee instructions and a Form W-9 for the payee Defendant shall pay to the Settlement Administrator the total sum of two-hundred ninety-one , three- hundred seventy-five dollars and 00/100 cents ($17,850,000 (Seventeen Million Eight Hundred Fifty Thousand Dollars), less any amounts already advanced by Defendant for Administrative Expenses, 291,375.00) to create a Settlement Fund.
b. The Settlement Fund shall be used to pay (i) all Cash Awards pursuant to any Approved Claims; (ii) any incentive award to the Class Representatives; (iii) attorneys’ fees, costs, and expenses of Class Counsel; and (iv) costs of administration of the Agreement, including without limitation payment of Administrative Expenses.
c. Any award of attorneys’ fees, administrative costs, or any other fees, costs, or benefits otherwise awarded in connection with the Settlement Agreement shall be payable solely out of establish the Settlement Fund.
d. . Provided that this Agreement is finally approved by the Court without material modification change, material amendment, or amendmentmaterial modification, the Settlement Fund, after deduction of fees and costs, Fund will be used to satisfy Approved Claims for pay a Service Award to the Class Representative, a Fee Award to Class Counsel, the Administrative Expenses to the Settlement Administrator, and Settlement Shares to Settlement Class Members in exchange for a mutual the release and the covenants set forth in this Agreement, including, without limitation, a full, fair and complete release by Releasors of all Releasees from the Released Parties from Released Claims, and the dismissal of the Litigation with prejudice.
e. b. The Settlement benefits shall be allocated Fund provided by Defendant to the Settlement Class Members via Administrator will be maintained by an escrow agent as a claims process set forth Court-approved Qualified Settlement Fund pursuant to Section 1.468B-1 et seq. of the Treasury Regulations promulgated under Section 468B of the Internal Revenue Code of 1986, as amended, and shall be deposited in paragraph 53an interest-bearing account.
f. The Court may require changes to the method of allocation to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms of the Settlement Agreement are not materially altered, including but not limited to the scope of the Release, the Class Period, and the amount of the Settlement Fund.
g. Defendant’s contribution to the Settlement Fund shall be fixed under this Section and be final. Defendant shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond establishing the Settlement Fund. c. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to and shall be repaid to Defendant, less any Administrative Expenses paid to date. Plaintiffs Neither Plaintiff nor Class Counsel shall have no any financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
d. The Settlement Fund shall be used to pay (i) all Settlement Shares to Settlement Class Members; (ii) a Service Award to the Class Representative; (iii) the Fee Award to Class Counsel; and (iv) Administrative Expenses to the Settlement Administrator.
Appears in 1 contract
Samples: Settlement Agreement
Establishment of Settlement Fund. a. Within twenty seven (207) days after the entry of the Preliminary Approval Order, Defendant shall fund the Settlement Fund in the amount estimated by the Settlement Administrator to effectuate the administration of the settlement as described herein but in any event not more than $35,000.00 (Thirty Five Thousand Dollars) to pay for Administrative Expenses. Within three (3) business days after of the Effective Date, Defendant shall pay fund the total sum of $17,850,000 (Seventeen Million Eight Hundred Fifty Thousand Dollars), less any amounts already advanced by Defendant for Administrative Expenses, to create a Settlement Fund.
b. The Settlement Fund shall be used to pay (i) all Cash Awards pursuant to any Approved Claims; (ii) any incentive award to the Class Representatives; (iii) attorneys’ fees, costs, and expenses of Class Counsel; and (iv) costs of administration of the Agreement, including without limitation payment of Administrative Expenses.
c. Any award of attorneys’ fees, administrative costs, or any other fees, costs, or benefits otherwise awarded in connection with the Settlement Agreement shall be payable solely out remainder of the Settlement Fund.
d. Fund as needed to satisfy the categories of payments set forth in paragraph 50 below, consistent with the provisions of Section XV. Provided that this Agreement is finally approved by the Court without material modification change, material amendment, or amendmentmaterial modification, the Settlement Fund, after deduction of fees and costs, Fund will be used to satisfy Approved Claims for the Settlement Payment to Class Members in exchange for a mutual comprehensive release and the covenants set forth in this Agreement, including, without limitation, a full, fair and complete release of all the Released Parties from Released Claims, and dismissal of the Litigation with prejudice.
e. Settlement benefits b. The amount to be paid by Defendant under this Section shall be allocated provided by Defendant to the Settlement Class Members via Administrator and maintained by an escrow agent as a claims process Court-approved Qualified Settlement Fund pursuant to Section 1.468B-1 et seq. of the Treasury Regulations promulgated under Section 468B of the Internal Revenue Code of 1986, as amended, and shall be deposited in an interest-bearing account as set forth in paragraph 53above.
f. The Court may require changes c. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to the method of allocation Defendant, less any Administrative Expenses incurred and paid to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms date. Plaintiff shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Agreement are not materially altered, including but not limited to Fund in the scope of the Release, the Class Period, and the amount of event that the Settlement FundAgreement is not finally approved.
g. d. The Settlement Fund represents the total extent of Defendant’s monetary obligations under the Settlement Agreement. Defendant’s contribution to the Settlement Fund shall be fixed under this Section and be final. Defendant shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement Settlement beyond establishing the Settlement Fund. If .
e. The Court may require changes to the method of allocation to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms of the Settlement Agreement is are not finally approvedaltered, including but not limited to the scope of the Release, the Settlement Fund belongs to Defendant, less any Administrative Expenses paid to date. Plaintiffs shall have no financial responsibility for any Administrative Expenses paid out scope of the Settlement Fund in Class, and the event that amount of the Settlement Agreement is not finally approvedFund.
Appears in 1 contract
Samples: Settlement Agreement
Establishment of Settlement Fund. a. Within twenty (20) business days after Defendant Inpax shall establish a Settlement Fund in the Effective Date, Defendant shall pay the total sum amount of $17,850,000 500,000.00 (Seventeen Million Eight Five Hundred Fifty Thousand Dollars), less any amounts already advanced by Defendant for Administrative Expenses, to create a Settlement Fund.
b. . The Settlement Fund shall will be used to pay for all (i) all Cash Awards pursuant to any Approved Claims; (ii) any incentive award Incentive Awards to the Class Representatives; (iii) attorneys’ fees, costs, and expenses of Class Counselthe Fee Award; and (iv) costs of administration of the AgreementAgreement to the Settlement Administrator, including without limitation payment of Administrative Expenses.
c. Any award b. Within twenty-eight (28) days after entry of attorneys’ feesthe Preliminary Approval Order, administrative costs, or any other fees, costs, or benefits otherwise awarded in connection with the Settlement Agreement Fund shall be payable solely out funded in the amount of $20,000 (Twenty Thousand Dollars) to pay for Administrative Expenses. Within thirty-five (35) days after the entry of the Preliminary Approval Order, the Settlement Fund.
d. Fund shall be funded in the remaining amount of $480,000.00 (Four Hundred Eighty Thousand Dollars). Provided that Final Approval of this Agreement is finally approved granted by the Court without material modification change, material amendment, or amendmentmaterial modification, the Settlement Fund, after deduction of fees and costs, Fund will be used to satisfy Approved Claims for Settlement Class Members in exchange for a mutual comprehensive release and the covenants set forth in this Agreement, including, without limitation, a full, fair and complete release of all the Released Parties from Released Claims, and dismissal of the Litigation with prejudice.
e. Settlement benefits shall be allocated c. All funds provided to the Settlement Class Members via Administrator under this Agreement shall be maintained by an escrow agent as a claims process set forth Court-approved Qualified Settlement Fund pursuant to Section 1.468B-1, et seq., of the Treasury Regulations promulgated under Section 468B of the Internal Revenue Code of 1986, as amended, and shall be deposited in paragraph 53an interest-bearing account.
f. The Court may require changes to the method of allocation to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms of the Settlement Agreement are not materially altered, including but not limited to the scope of the Release, the Class Period, and the amount of the Settlement Fund.
g. Defendant’s contribution to the Settlement Fund shall be fixed under this Section and be final. Defendant shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond establishing the Settlement Fund. d. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to DefendantDefendants, or their insurers, as the case may be, less any Administrative Expenses paid to date. Plaintiffs shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
e. The amount of any uncashed checks after the expiration date, less any funds necessary for settlement administration, will be distributed to a cy pres recipient(s) selected by the Parties and approved by the Court. In no event shall any portion of the $500,000.00 Settlement Fund revert to or remain with Defendants.
f. The Settlement Fund represents the total extent of Defendants’ monetary obligations under the Settlement Agreement and the contributions to the Settlement Fund shall be fixed under this Agreement and final. Defendants shall have no obligation to make further payments to the Settlement Fund and shall have no financial responsibility or obligation relating to the Settlement beyond the Settlement Fund.
g. The Court may require changes to the method of allocation to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms of the Settlement Agreement are not altered, including but not limited to the scope of the Release, the scope of the Settlement Class, and the terms and amount of the Settlement Fund.
Appears in 1 contract
Samples: Settlement Agreement
Establishment of Settlement Fund. a. Within twenty Defendant agrees to establish a Settlement Fund in the amount of up to $807,196.00 (20Eight Hundred Seven Thousand One Hundred Ninety Six Dollars and No Cents), which will fully resolve this action on a class-wide basis. The Settlement Fund will pay for all fees and costs of administration of the settlement, including claims, notice, advertisements, and other Administration Expenses, mediation costs, incentive awards to Plaintiffs, and Plaintiffs’ attorneys’ fees and expenses. Each Former Employee and Temporary Worker who submits a timely and valid claim form, and each Direct Employee, shall be paid up to $1,118.00, less a pro rata reduction for all expenses, fees and costs, mediation fees, as set for the herein.
b. On or before thirty (30) days after entry by the Court of the Preliminary Approval Order, Defendant shall fund the Settlement Fund with Ten Thousand Dollars and No Cents ($10,000.00) for payment of any necessary administrative expenses incurred by the Settlement Administrator prior to the entry of the Final Approval Order.
c. On or before five (5) business days after the Effective Date, Defendant shall pay fund the total sum Settlement Fund, up to the remaining $797,196.00 as necessary to satisfy the categories of $17,850,000 payments set forth in paragraph (Seventeen Million Eight Hundred Fifty Thousand Dollars)e) below, less any amounts already advanced by Defendant for Administrative Expenses, to create a Settlement Fund.
b. The Settlement Fund shall be used to pay (i) all Cash Awards pursuant to any Approved Claims; (ii) any incentive award to the Class Representatives; (iii) attorneys’ previously paid mediation fees, costs, and expenses of Class Counsel; and (iv) costs of administration of the Agreement, including without limitation payment of Administrative Expenses.
c. Any award of attorneys’ fees, administrative costs, or any other fees, costs, or benefits otherwise awarded in connection with the Settlement Agreement shall be payable solely out of the Settlement Fund.
d. . Provided that Final Approval of this Agreement is finally approved granted by the Court without material modification change, material amendment, or amendmentmaterial modification, the Settlement Fund, after deduction of fees and costs, Fund will be used to satisfy Approved Claims for Settlement Class Members in exchange for a mutual comprehensive release and the covenants set forth in this Agreement, including, without limitation, a full, fair and complete release of all the Released Parties from Released Claims, and dismissal of the Litigation with prejudice.
e. Settlement benefits shall be allocated . No less than fourteen (14) days prior to the Effective Date, the Settlement Administrator shall advise Class Members via a claims process Counsel and Defendant’s Counsel the total amount required to satisfy the categories of payments set forth in paragraph 53(e) below, such that Defendant may fund the Settlement Fund and fulfill its obligations as set forth in this subparagraph (c).
f. The Court may require changes d. All funds provided to the method of allocation Settlement Administrator by Defendant under this Agreement shall be maintained by an escrow agent as a Court-approved Qualified Settlement Fund pursuant to Settlement Class Members without invalidating this Settlement AgreementSection 1.468B-1, provided that the other material terms et seq., of the Settlement Agreement are not materially altered, including but not limited to the scope Treasury Regulations promulgated under Section 468B of the ReleaseInternal Revenue Code of 1986, the Class Periodas amended, and the amount of the Settlement Fundshall be deposited in an interest- bearing account.
g. Defendant’s contribution to the e. The Settlement Fund shall be fixed under this Section a fund used to pay (i) timely and be final. Defendant shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond establishing the Settlement Fund. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to Defendant, less any Administrative Expenses paid to date. Plaintiffs shall have no financial responsibility for any Administrative Expenses paid out valid Approved Claims of the Settlement Fund Class as described in the event that the Settlement Agreement is not finally approved.paragraph (53) below; (ii) any direct check payments as described in paragraph (54) below;
Appears in 1 contract
Samples: Settlement Agreement
Establishment of Settlement Fund. a. Within twenty Defendant will establish or cause to be established with the Settlement Administrator a non-reversionary Settlement Fund in the amount of $35,000,000.00 (20Thirty-Five Million Dollars), within thirty (30) business days after of the Effective Datelast of the following to occur: (1) the Settlement becoming Final; and (2) receipt by Snap’s counsel of complete payment instructions, Defendant shall pay including a completed W-9 form. This is the total sum maximum amount of $17,850,000 (Seventeen Million Eight Hundred Fifty Thousand Dollars)Snap’s payment and includes all Settlement Payments to Settlement Class Members, less any amounts already advanced by Defendant for the Service Awards to the Class Representatives, the Fee Award, payment of Settlement Administrative Expenses, to create a Settlement Fundany federal, state, and/or local taxes of any kind (including any interest or penalties thereon) and any and all other fees, costs or expenses.
b. (a) Upon the Court’s entry of the Preliminary Approval Order, Snap will pre- fund the Settlement Administration Expenses.
(b) The Settlement Fund is intended by the Parties to be treated at all times as a Qualified Settlement Fund pursuant to Section 1.468B-1, et seq. of the Treasury Regulations promulgated under Section 468B of the Internal Revenue Code of 1986, as amended, and the Parties shall cooperate with each other and shall not take a position in any filing or before any tax authority that is inconsistent with such treatment. At the request of Snap, a “relation back election” as described in the Treasury Regulations Section 1.468B-1(j) shall be made so as to enable the Settlement Fund to be treated as a Qualified Settlement Fund from the earliest date possible, and the Parties hereto shall take all actions as may be necessary or appropriate to this end.
(c) The Settlement Fund shall be used deposited in an interest-bearing account. The Settlement Fund includes all interest that shall accrue on the sums deposited in the Escrow Account.
(d) If the Settlement Agreement is not finally approved, the Settlement Fund and any interest earned thereon belongs to pay Defendant less any Settlement Administrative Expenses paid to date.
(ie) all Cash Awards pursuant The amount of any uncashed checks after the expiration date, less any funds necessary for settlement administration, will be distributed to any Approved Claims; Center for Disability & Elder Law (ii) any incentive award to “CDEL”), a cy pres recipient, if approved by the Class Representatives; (iii) attorneys’ fees, costs, and expenses of Class Counsel; and (iv) costs of administration Court. 1 No portion of the Agreement$35,000,000.00 Settlement Fund shall revert to or remain with Defendant, including without limitation payment of Administrative Expenses.
c. Any award of attorneys’ fees, administrative costsits insurance carriers, or any other fees, costs, person or benefits otherwise awarded in connection with entity who or which funded the Settlement Fund following Final Approval.
(f) The Settlement Fund represents the total extent of Defendant’s monetary obligations under the Settlement Agreement and the contributions to the Settlement Fund shall be payable solely out of fixed under this Settlement Agreement and final. Defendant shall have no obligation to make further payments to the Settlement Fund and shall have no financial responsibility or obligation relating to the Settlement beyond the Settlement Fund.
d. Provided that this Agreement is finally approved by the Court without material modification or amendment, the Settlement Fund, after deduction of fees and costs, will be used to satisfy Approved Claims for Settlement Class Members in exchange for a mutual release and covenants set forth in this Agreement, including, without limitation, a full, fair and complete release of all the Released Parties from Released Claims, and dismissal of the Litigation with prejudice.
e. Settlement benefits shall be allocated to the Settlement Class Members via a claims process set forth in paragraph 53.
f. (g) The Court may require changes to the method of allocation to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms of the Settlement Agreement are not materially altered, including including, but not limited to to, the scope of the Release, the Class Periodscope of the Settlement Class, and the terms and amount of the Settlement Fund.
g. Defendant’s contribution to the Settlement Fund shall be fixed under this Section and be final. Defendant shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond establishing the Settlement Fund. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to Defendant, less any Administrative Expenses paid to date. Plaintiffs shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
Appears in 1 contract
Samples: Class Action Settlement Agreement
Establishment of Settlement Fund. a. Within twenty thirty (2030) business days after of the Effective Dateentry of the Preliminary Approval Order, Defendant shall pay the total sum of $17,850,000 (Seventeen Million Eight Hundred Fifty Thousand Dollars), less any amounts already advanced by Defendant for Administrative Expenses, to create a Settlement Fund.
b. The the Settlement Fund shall be used to pay (i) all Cash Awards pursuant to any Approved Claims; (ii) any incentive award to the Class Representatives; (iii) attorneys’ fees, costs, and expenses of Class Counsel; and (iv) costs of administration of the Agreement, including without limitation payment of Administrative Expenses.
c. Any award of attorneys’ fees, administrative costs, or any other fees, costs, or benefits otherwise awarded in connection with the Settlement Agreement shall be payable solely out of the Settlement Fund.
d. Administrator. Provided that this Agreement is finally approved by the Court without material modification change, material amendment, or amendmentmaterial modification, the Settlement Fund, after deduction of fees and costs, Fund will be used to satisfy Approved Claims for Settlement Class Members all payments contemplated by this Agreement in exchange for a mutual release and the covenants set forth in this Agreement, including, without limitation, a full, fair and complete release of all the Released Parties Releasees from Released Claims, and dismissal of the Litigation Underlying Action with prejudice.
e. Settlement benefits shall be allocated b. The funds provided by Defendant to the Settlement Class Members via Administrator will be maintained by an escrow agent as a claims process set forth Court-approved Qualified Settlement Fund pursuant to Section 1.468B-1 et seq. of the Treasury Regulations promulgated under Section 468B of the Internal Revenue Code of 1986, as amended, and shall be deposited in paragraph 53an interest- bearing account.
f. The c. If a Final Approval Order is not entered by the Court may require changes to finally approving the method of allocation to Settlement Class Members without invalidating Settlement, or if this Settlement Agreementdoes not become Final, provided that the other material terms of the Settlement Agreement are not materially altered, including but not limited to the scope of the Release, the Class Period, and the amount of the Settlement Fund.
g. Defendant’s contribution to the Settlement Fund shall be fixed under this Section and be final. Defendant shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond establishing the Settlement Fund. If the Settlement Agreement is not finally approved, the Settlement Fund interest earned thereon belongs to Defendant, less any Administrative Expenses paid to date. Plaintiffs Plaintiff shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
d. The Settlement Fund shall be used to pay (i) Approved Claims to the Settlement Class Members; (ii) Incentive Award to the Class Representative; (ii) the Fee Award; and (iv) costs of administration of the Agreement to the Settlement Administrator, including without limitation payment of Administrative Expenses. Any remaining funds will be paid as provided for in paragraph 44(c) below.
e. Administrative Expenses, and any award of attorneys’ fees or any other fees, costs, or benefits otherwise awarded in connection with the Settlement Agreement, shall be payable solely out of the Settlement Fund.
f. The Settlement Fund represents the total extent of the Releasees’ monetary obligations under the Settlement Agreement. Defendant’s contribution to the Settlement Fund shall be fixed under this Section and be final. Releasees shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond the Settlement Fund.
Appears in 1 contract
Samples: Settlement Agreement
Establishment of Settlement Fund. a. Within twenty twenty-one (2021) business days after of Preliminary Approval, Defendant shall create the Settlement Fund by paying to the Settlement Administrator a reasonable estimate of the Administrative Expenses. Within seven (7) days of the Effective DateDate of this Agreement, Defendant shall pay to the total sum Settlement Administrator the remainder of $17,850,000 (Seventeen Million Eight Hundred Fifty Thousand Dollars), less any amounts already advanced by Defendant the Settlement Fund. The foregoing payment obligations are contingent upon receipt of adequate payment instructions and a valid W-9 for Administrative Expenses, to create a the Settlement Fund.
b. All funds required to be paid by Defendant under this paragraph shall be provided by Defendant to the Settlement Administrator and maintained by an escrow agent as a Court-approved Qualified Settlement Fund pursuant to Section 1.468B-1 et seq. of the Treasury Regulations promulgated under Section 468B of the Internal Revenue Code of 1986, as amended, and shall be deposited in an interest-bearing account.
c. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to Defendant, less any Administrative Expenses paid to date. Plaintiff shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
d. The Settlement Fund shall be used to pay (i) all Cash Awards pursuant to any Approved Claims; , (ii) any incentive award an Incentive Award to the Class Representatives; Representative, (iii) attorneys’ fees, costs, and expenses of Class Counselthe Fee Award; and (iv) costs of administration of the AgreementAgreement to the Settlement Administrator, including without limitation payment of Administrative Expenses.
c. Any award e. In accordance with Section VI below, the amount of attorneysany uncashed checks after 100 days, less any funds necessary for settlement administration, will be distributed to a cy pres recipient(s) selected by the Parties and approved by the Court.
f. The Settlement Fund represents the total extent of the Released Parties’ fees, administrative costs, or any other fees, costs, or benefits otherwise awarded in connection with monetary obligations under the Settlement Agreement Agreement. Defendant’s contribution to the Settlement Fund shall be payable solely out of fixed under this Section and in accordance with Paragraph 49 above. Defendant and Released Parties shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond the Settlement Fund.
d. Provided that this Agreement is finally approved by the Court without material modification or amendment, the Settlement Fund, after deduction of fees and costs, will be used to satisfy Approved Claims for Settlement Class Members in exchange for a mutual release and covenants set forth in this Agreement, including, without limitation, a full, fair and complete release of all the Released Parties from Released Claims, and dismissal of the Litigation with prejudice.
e. Settlement benefits shall be allocated to the Settlement Class Members via a claims process set forth in paragraph 53.
f. g. The Court may require changes to the method of allocation to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms of the Settlement Agreement are not materially altered, including but not limited to the scope of the Release, the Class Periodscope of the Settlement Class, and the amount of the Settlement Fund.
g. Defendant’s contribution to the Settlement Fund shall be fixed under this Section and be final. Defendant shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond establishing the Settlement Fund. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to Defendant, less any Administrative Expenses paid to date. Plaintiffs shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
Appears in 1 contract
Samples: Settlement Agreement
Establishment of Settlement Fund. a. Within twenty thirty (2030) business days after of the Effective Dateentry of the Preliminary Approval Order, Defendant Defendants shall pay to the Settlement Administrator the total sum of Five Hundred Thousand Dollars ($17,850,000 (Seventeen Million Eight Hundred Fifty Thousand Dollars), less any amounts already advanced by Defendant for Administrative Expenses, 500,000.00) to create a Settlement Fund.
b. The Settlement Fund shall be used to pay (i) all Cash Awards pursuant to any Approved Claims; (ii) any incentive award to the Class Representatives; (iii) attorneys’ fees, costs, and expenses of Class Counsel; and (iv) costs of administration of the Agreement, including without limitation payment of Administrative Expenses.
c. Any award of attorneys’ fees, administrative costs, or any other fees, costs, or benefits otherwise awarded in connection with the Settlement Agreement shall be payable solely out of the Settlement Fund.
d. . Provided that this Agreement is finally approved by the Court without material modification change, material amendment, or amendmentmaterial modification, the Settlement Fund, after deduction of fees and costs, Fund will be used to satisfy Approved Claims for Settlement Class Members in exchange for a mutual comprehensive release and the covenants set forth in this Agreement, including, without limitation, a full, fair and complete release of all the Released Parties Releasees from Released Claims, and dismissal of the Litigation with prejudice.
e. Settlement benefits shall be allocated b. The funds provided by Defendants to the Settlement Administrator will be maintained by an escrow agent as a Court-approved Qualified Settlement Fund pursuant to Section 1.468B-1 et seq. of the Treasury Regulations promulgated under Section 468B of the Internal Revenue Code of 1986, as amended, and shall be deposited in an interest-bearing account.
c. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to Defendants, less any Administrative Expenses paid to date. Plaintiff shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
d. The Settlement Fund shall be used to pay (i) Approved Claims; (ii) an Incentive Award to the Class Members via a claims process set forth Representative; (iii) the Fee Award; and (iv) costs of administration of the Agreement to the Settlement Administrator, including without limitation payment of Administrative Expenses.
e. Administrative Expenses, and any award of attorneys' fees or any other fees, costs, or benefits otherwise awarded in paragraph 53connection with the Settlement Agreement, shall be payable solely out of the Settlement Fund.
f. The Settlement Fund represents the total extent of the Releasees' monetary obligations under the Settlement Agreement. Defendants' contribution to the Settlement Fund shall be fixed under this Section and be final. Releasees shall have no obligation to make further payments into the Settlement Fund, and shall have no financial responsibility or obligation relating to the settlement beyond the Settlement Fund.
g. The Court may require changes to the method of allocation to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms of the Settlement Agreement are not materially altered, including but not limited to the scope of the Release, the Class Periodscope of the Settlement Class, and the amount of the Settlement Fund.
g. Defendant’s contribution to the Settlement Fund shall be fixed under this Section and be final. Defendant shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond establishing the Settlement Fund. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to Defendant, less any Administrative Expenses paid to date. Plaintiffs shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
Appears in 1 contract
Samples: Settlement Agreement
Establishment of Settlement Fund. a. Within twenty fourteen (2014) business days after the Effective Date, Defendant eDriving’s insurer shall pay the total sum make available a maximum Settlement Fund of Two Million Dollars ($17,850,000 (Seventeen Million Eight Hundred Fifty Thousand Dollars2,000,000), less any amounts already advanced by Defendant for Administrative Expenses, to create a Settlement Fund.
b. . The Settlement Fund shall be used to pay (i) all Cash Awards funded pursuant to any Approved Claims; paragraph (iib) any incentive award to the Class Representatives; (iii) attorneys’ fees, costs, and expenses of Class Counsel; and (iv) costs of administration of the Agreement, including without limitation payment of Administrative Expenses.
c. Any award of attorneys’ fees, administrative costs, or any other fees, costs, or benefits otherwise awarded in connection with the Settlement Agreement shall be payable solely out of the Settlement Fund.
d. below. Provided that this Agreement is finally approved by the Court without material modification change, material amendment, or amendmentmaterial modification, the Settlement Fund, after deduction of fees and costs, Fund will be used to satisfy Approved Claims for Settlement Class Members in exchange for a mutual comprehensive release and the covenants set forth in this Agreement, including, without limitation, a full, fair and complete release of all the Released Parties Releasees from Released Claims, and dismissal of the Litigation with prejudice.. FILED DATE: 11/18/2019 1:44 PM 2019CH08517
e. Settlement benefits b. All funds required to be paid by Defendants under this paragraph shall be allocated provided by Defendant eDriving’s insurer to the Settlement Class Members via Administrator and maintained by an escrow agent as a claims process set forth Court-approved Qualified Settlement Fund pursuant to Section 1.468B-1 et seq. of the Treasury Regulations promulgated under Section 468B of the Internal Revenue Code of 1986, as amended, and shall be deposited in paragraph 53an interest-bearing account.
f. The Court may require changes to the method of allocation to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms of the Settlement Agreement are not materially altered, including but not limited to the scope of the Release, the Class Period, and the amount of the Settlement Fund.
g. Defendant’s contribution to the Settlement Fund shall be fixed under this Section and be final. Defendant shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond establishing the Settlement Fund. c. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to DefendantDefendant eDriving’s insurer, less any Administrative Expenses paid to date. Plaintiffs Plaintiff shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
d. The Settlement Fund shall be used to pay (i) the Fee Award, (ii) an Incentive Award to the Class Representative, (iii) costs of administration of the Agreement to the Settlement Administrator, including without limitation payment of Administrative Expenses, and (iv) Approved Claims. Any and all unpaid amounts from the Settlement Fund will remain with or revert back to Defendant eDriving’s insurer, with the exception of the monetary value of claim checks that remain uncashed, not to exceed a maximum of Five Thousand Dollars ($5,000), which shall be paid to a cy pres recipient selected by the Parties and approved by the Court.
e. Defendant eDriving’s insurer need not segregate funds or otherwise create special accounts to hold the Settlement Fund and will not relinquish control of any money until claims are verified and payments are due other than an initial payment of Fifty Thousand Dollars ($50,000) to pay initial costs of notice and Settlement Administration. Such initial payment shall be made to the Settlement Administrator within fourteen (14) days after entry of the Preliminary Approval Order.
f. The Settlement Fund represents the total extent of Defendants’ monetary obligations under the Settlement Agreement. Defendants’ contribution to the Settlement Fund shall be fixed under this Section and be final. In no event will Releasees be required to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the Settlement beyond the Two Million Dollar ($2,000,000) Settlement Fund made available by Defendant eDriving’s insurer.
g. Defendant eDriving’s insurer will not, under any circumstances, seek reimbursement, indemnification, or subrogation against any other Party.
Appears in 1 contract
Samples: Settlement Agreement
Establishment of Settlement Fund. a. Defendant agrees to establish a Settlement Fund in the amount of $2,312,900.00 (Two Million Three Hundred Twelve Thousand Nine Hundred Dollars), which will fully resolve this action on a class-wide basis. The Settlement Fund will pay for all fees and costs of administration of the settlement, including claims, notice and other administration costs, an incentive award to Plaintiff, and Plaintiffs attorneys’ fees and expenses. Each Class Member who submits a timely and valid claim form shall be paid up to $900, subject to a pro rata reduction so that each claimant receives the same amount in the event that payment of all timely claims would exceed the total amount of the Settlement Fund after deduction of fees and costs.
b. Within twenty fourteen (2014) business days after the entry of the Preliminary Approval Order, Defendant shall fund the Settlement Fund in the amount of $50,000 (Fifty Thousand Dollars), which shall be used to pay Administrative Expenses. On or before twenty-one (21) days after the Effective Date, Defendant shall pay fund the total sum of $17,850,000 (Seventeen Million Eight Hundred Fifty Thousand Dollars), less any amounts already advanced by Defendant for Administrative Expenses, to create a Settlement Fund.
b. The Settlement Fund shall be used to pay (i) all Cash Awards pursuant to any Approved Claims; (ii) any incentive award to the Class Representatives; (iii) attorneys’ fees, costs, and expenses of Class Counsel; and (iv) costs of administration of the Agreement, including without limitation payment of Administrative Expenses.
c. Any award of attorneys’ fees, administrative costs, or any other fees, costs, or benefits otherwise awarded in connection with the Settlement Agreement shall be payable solely out remainder of the Settlement Fund.
d. Fund as set forth in paragraph (e) below. Provided that Final Approval of this Agreement is finally approved granted by the Court without material modification change, material amendment, or amendmentmaterial modification, the Settlement Fund, after deduction of fees and costs, Fund will be used to satisfy Approved Claims for Settlement Class Members in exchange for a mutual comprehensive release and the covenants set forth in this Agreement, including, without limitation, a full, fair and complete release of all the Released Parties from Released Claims, and dismissal of the Litigation with prejudice.
e. c. All funds provided to the Settlement benefits Administrator by Defendant under this Agreement shall be allocated maintained by an escrow agent as a Court-approved Qualified Settlement Fund pursuant to Section 1.468B-1, et seq., of the Treasury Regulations promulgated under Section 468B of the Internal Revenue Code of 1986, as amended, and shall be deposited in an interest- bearing account.
d. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to Defendant, as the case may be, less any Administrative Expenses paid to date. Plaintiff shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
e. The first $1,387,740.00 (One Million Three Hundred Eighty Seven Thousand Seven Hundred Forty Dollars) of the Settlement Fund shall be a non-reverting fund used to pay (i) timely and valid Approved Claims of the Settlement Class; (ii) an Incentive Award to the Class Representative; (iii) the Fee Award; and (iv) all settlement notice and administration expenses and costs, including without limitation payment of Administrative Expenses. If payment obligations from categories (i) through (iv) above total less than $1,387,740.00 (One Million Three Hundred Eighty Seven Thousand Seven Hundred and Forty Dollars) the remainder of the first $1,387,740.00 (One Million Three Hundred Eighty Seven Thousand Seven Hundred and Forty Dollars) of the Settlement Fund shall go to a cy pres recipient(s) to be selected by the Parties and approved by the Court. If the first $1,387,740 of the Settlement Fund is exhausted in order to fulfill payment obligations from categories (i) through (iv) above, Defendant shall contribute an additional amount up to $925,160.00 (Nine Hundred Twenty- Five Thousand One Hundred Sixty Dollars) as necessary to pay all timely and valid Approved Claims of the Settlement Class.
f. In the event that the value of uncashed settlement checks, meaning checks disbursed to the Settlement Class Members via remaining uncashed 120 (One Hundred Twenty) days after the date of issuance, would result in Defendant paying less than $1,387,740.00 (One Million Three Hundred Eighty Seven Thousand Seven Hundred and Forty Dollars) in total under this Settlement, the value of uncashed settlement checks necessary to result in Defendant paying $1,387,740.00 under this Settlement shall go to a claims process set forth in paragraph 53cy pres recipient(s) to be selected by the Parties and approved by the Court, and the remainder shall go to Defendant or its insurer.
f. g. The Settlement Fund represents the total extent of Defendant’s monetary obligations under the Settlement Agreement. Defendant’s contributions to the Settlement Fund shall be fixed under this Agreement and final. Defendant shall have no obligation to make further payments to the Settlement Fund and shall have no financial responsibility or obligation relating to the Settlement beyond the Settlement Fund.
h. The Court may require changes to the method of allocation to Settlement Class Members without invalidating this Settlement Agreement, provided that the other material terms of the Settlement Agreement are not materially altered, including but not limited to the scope of the Release, the Class Periodscope of the Settlement Class, and the terms and amount of the Settlement Fund.
g. Defendant’s contribution to the Settlement Fund shall be fixed under this Section and be final. Defendant shall have no obligation to make further payments into the Settlement Fund and shall have no financial responsibility or obligation relating to the settlement beyond establishing the Settlement Fund. If the Settlement Agreement is not finally approved, the Settlement Fund belongs to Defendant, less any Administrative Expenses paid to date. Plaintiffs shall have no financial responsibility for any Administrative Expenses paid out of the Settlement Fund in the event that the Settlement Agreement is not finally approved.
Appears in 1 contract
Samples: Settlement Agreement