Settlement Efforts. On or about August 13, 2014, the Settling Parties agreed to participate in mediation with Xxxx X. XxXxxxx, Esq. (the “Mediator”) in Houston, Texas on September 23, 2014. On September 16, 2014, Petitioners sent Defendants a settlement demand letter outlining a proposed framework for settlement (the “Demand Letter”). Thereafter, on September 23, 2014, the parties to the Action, along with the parties in the Securities Class Action, participated in an in-person mediation session with the Mediator. After extensive, arm's-length negotiations with the assistance and involvement of the Mediator, the Settling Parties were able to reach an agreement-in-principle to resolve the Action. As a result of these negotiations, the Settling Parties reached an agreement to settle the Action upon the terms and subject to the conditions set forth in this Stipulation (the “Settlement”).
Settlement Efforts. 11.1. The Parties acknowledge and agree that there will need to be substantial efforts by all concerned to effectuate the terms of the Settlement Agreement. Plaintiffs’ counsel will seek a stay of any discovery, case specific or generic, or trials which are pending in any court while the parties continue their best efforts of the settlement of the claims subject to this Agreement.
Settlement Efforts. On remand, the District Court instructed the Parties to follow a meet-and-confer process to address concerns regarding Defendants’ substantial compliance with the consent decrees and to fulfill the purposes of consent decrees. On October 5, 2013, the Parties began intensive efforts to avoid further litigation and delays by negotiating a settlement agreement that would achieve substantial compliance and fulfill the purposes of the consent decrees. The Parties agreed they would enlist the assistance of a mediator to facilitate the negotiations. Thereafter, the Parties held seventeen (17) in-person mediation sessions and numerous sessions via conference calls from October 2013 through December 2014. Through these efforts, the Parties developed this Agreement. The Parties agree that the best interests of the Class Members will be substantially advanced by resolving any material outstanding issues in this lawsuit through a negotiated settlement based on the Goals and Commitments reflected in this Agreement, rather than through adversarial litigation.
