Common use of Review and Approval by Independent Fiduciary Preliminary Settlement Approval and Notice to the Class Clause in Contracts

Review and Approval by Independent Fiduciary Preliminary Settlement Approval and Notice to the Class. 3.1 The Independent Fiduciary shall be retained by McKinsey, on behalf of the Plans, to determine whether to approve and authorize the settlement of Released Claims on behalf of the Plans. 3.1.1 The Independent Fiduciary shall comply with all relevant conditions set forth in Prohibited Transaction Exemption 2003-39, “Class Exemption for the Release of Claims and Extensions of Credit in Connection with Litigation,” issued December 31, 2003, by the United States Department of Labor, 68 Fed. Reg. 75,632, as amended (“PTE 2003-39”), in making its determination for the purpose of McKinsey’s reliance on PTE 2003-39. 3.1.2 The Independent Fiduciary shall notify McKinsey of its determination in writing and in accordance with PTE 2003-39, which notification shall be delivered no later than thirty (30) calendar days before the Fairness Hearing. 3.1.3 All fees and expenses associated with the Independent Fiduciary’s retention and determination will constitute Administrative Expenses to be deducted from the Gross Settlement Amount.

Appears in 3 contracts

Samples: Class Action Settlement Agreement, Class Action Settlement Agreement, Class Action Settlement Agreement

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Review and Approval by Independent Fiduciary Preliminary Settlement Approval and Notice to the Class. 3.1 The Independent Fiduciary shall be retained by McKinseyNRECA, on behalf of the PlansPlan, to determine whether to approve and authorize the settlement of the Released Claims on behalf of the PlansPlan. 3.1.1 The Independent Fiduciary shall comply with all relevant conditions set forth in Prohibited Transaction Exemption 2003-39, “Class Exemption for the Release of Claims and Extensions of Credit in Connection with Litigation,” issued December 31, 2003, by the United States Department of Labor, 68 Fed. Reg. 75,632, as amended (“PTE 2003-39”), in making its determination for the purpose of McKinseyNRECA’s reliance on PTE 2003-39. 3.1.2 The Independent Fiduciary shall notify McKinsey NRECA and Class Counsel of its determination in writing and in accordance with PTE 2003-39, which notification shall be delivered no later than thirty (30) calendar days before the Fairness Hearing. 3.1.3 All fees and expenses associated with the Independent Fiduciary’s retention and determination will constitute Administrative Expenses to be deducted from the Gross Settlement Amount.

Appears in 2 contracts

Samples: Class Action Settlement Agreement, Class Action Settlement Agreement

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