Settlement Awards Sample Clauses
The Settlement Awards clause defines how any monetary or non-monetary awards resulting from a settlement are to be distributed among the parties involved. Typically, it outlines the process for calculating the amount each party receives, addresses deductions for legal fees or costs, and may specify timelines for payment. This clause ensures that all parties have a clear understanding of their entitlements and obligations in the event of a settlement, thereby reducing the risk of disputes over distribution and facilitating smoother resolution of claims.
Settlement Awards. Each Settlement Class Member bound by the terms of this Settlement will receive consideration outlined in Section II for the Release set forth in Section III as follows:
1. Within ten (10) days after the Order Granting Final Approval of the Settlement Agreement becomes final, by operation of agreement, Kentucky Rule of Civil Procedure, or otherwise, Class Counsel and Defendant’s Counsel shall confer to review the list of Settlement Class Members who filed valid and timely Claim Forms and are entitled to the payment of a Settlement Award pursuant to Section II(A)(2) and those Claim Forms deemed by KFB to be not substantially complete and thus not entitled to payment of a Settlement Award under either Section II(A)(2) or II(A)(3). If any Settlement Award pursuant to Section II(A)(2) is disputed, or there is a dispute as to whether a Claim Form is substantially complete, resolution of the dispute shall be achieved through re-examination of the objective data contained in KFB’s customer database, with reliance on best estimates from information contained in the database, where necessary. Neither party shall unreasonably withhold agreement to resolution of any disputed Settlement Award.
2. Within thirty (30) days of the date referenced in paragraph 1 above of this Section V(F) and for all Settlement Class Members who are to receive a Settlement Award pursuant to Section II(A)(2), the Settlement Administrator or KFB shall send, via first class U.S. mail, postage pre-paid, at KFB’s sole expense, a check equivalent to the Settlement Award for each Settlement Class Member, together with a letter drafted or approved by Class Counsel and Defendant’s Counsel, explaining the nature of the Settlement Award. Within thirty (30) days of the date referenced in paragraph 1 above of this Section V(F) and for all Settlement Class Members who are to receive a Settlement Award pursuant to Section II(A)(3), the Settlement Administrator or KFB shall send, via first class U.S. mail, postage pre-paid, at KFB’s sole expense, a check equivalent to the Settlement Award for each Settlement Class Member who did not timely submit their Claim to binding arbitration, together with a letter drafted or approved by Class Counsel and ▇▇▇▇▇▇▇▇▇’s Counsel, explaining the nature of the Settlement Award.
Settlement Awards. Settlement Class Members will have the option to select receipt of their Settlement Awards by either check or secure electronic payment. If no option is selected or the secure electronic payment cannot be completed, the Settlement Award shall be paid by check. The Settlement Administrator shall send each Settlement Class Member their Settlement Award within 45 calendar days after the Effective Date (“First Distribution”). The Settlement Administrator will perform skip tracing and re-mailing, as necessary; all costs of such work will be considered Settlement Costs. Checks will be valid for one-hundred and eighty days (180) days from the date on the check or for such long period as required by state law. Within 230 days after the Effective Date, the Settlement Administrator will calculate the amount of all uncashed checks and distribute a pro rata portion of all uncashed checks to Settlement Class Members who already cashed their checks (“Second Distribution”) unless the administrative costs to make a second distribution outweigh the second distribution or after administrative costs the amount of the Second Distribution would be nominal; provided, however, that no Settlement Class Member will receive any payments that exceed $500 per call in the aggregate, i.e., the sum of the First Distribution and the Second Distribution. Any amounts remaining the Second Distribution, or any Second Distribution checks that are uncashed, will be paid as cy pres to an entity agreed upon by the Parties and approved by the Court or if the Parties cannot agree as determined by the Court as set forth herein. Any Settlement Award paid to a deceased Settlement Class Member shall be made payable to the estate of the Settlement deceased Class Member, provided that the member’s estate informs the Settlement Administrator of the member’s death at least 30 calendar days before the date on which the Settlement Administrator distributes the Settlement Award.
Settlement Awards. The Net Settlement Fund shall be distributed equally to Settlement Class Members who do not opt-out of the settlement. Settlement Awards are expected to be approximately $50 per Settlement Class Member, and will be calculated so as to exhaust the fund.
Settlement Awards. Except as set forth herein, Settlement Class Members will be entitled to a Settlement Award. Following the deduction of Settlement Costs, the remaining balance of the Fund shall be distributed as the Settlement Award, and payable through a combination of cash and an Account Credit, as described below and in Sections III.C.3 - 6, and subject to Court approval:
a. Approximately seven-hundred and eighteen dollars and fifty-seven cents ($718.57) for each Settlement Class Member in the Repossession Class, excluding Plaintiff.
b. Each Settlement Class Member in the FDCPA Class, excluding Plaintiff, may receive an additional one-hundred and fifty dollars and zero cents ($150.00) in addition to the amounts described in Section III.C.2.a.
c. These amounts are subject to pro rata adjustment depending on the balance of the Fund remaining after payment of all Settlement Costs based on final determination of the Settlement Class. The Settlement Award, whether cash, Account Credit, or both, will be divided equally among each account
(i. e., if there is a primary borrower and a co-signer, they will jointly receive the benefit of the Settlement Award on a per account basis, rather than each receiving his/her own check or separate credit).
Settlement Awards. Each of the FLSA Collective Members shall be paid a settlement award from the Gross Settlement Amount (each a “Settlement Award”). The distribution to each Putative FLSA Collective Member of the Collective Settlement Amount is set forth in Exhibit B, which reflects a pro rata allocation of $57,662.54 in back pay and $57,662.54 in liquidated damages to the Putative FLSA Collective Members in proportion to overtime worked during the time periods associated with certain retention incentives.
Settlement Awards. Subject to the terms and conditions of this Settlement, the Settlement Administrator will pay a Settlement Award from the Net Settlement Amount to each Class Member who timely and properly submits a Claim Form as follows:
Settlement Awards. Settlement awards shall be made to eligible Settlement Class Members on a claims-made basis. Settlement awards will be made from those amounts remaining after deducting the Settlement Costs from the Fund.
Settlement Awards