Settlement Fund Administration. The Settlement Fund shall be administered pursuant to the provisions of this Settlement Agreement and subject to the Court’s continuing supervision and control, until the funds in the Settlement Fund are fully distributed or returned to Settling Defendants as follows: 1. The Settlement Fund shall be established as an Escrow Account at a bank located in the United States designated by Settlement Class Counsel and administered by an Escrow Agent designated by Settlement Class Counsel. Counsel for the parties agree to cooperate in good faith to form an appropriate escrow agreement in conformance with this Agreement. 2. Neither the Plaintiffs, nor Class Counsel shall have any responsibility, financial obligation, or liability for any fees, costs or expenses related to providing notice to the Class or for any fees obtaining approval of the settlement, or administering the Settlement. Settlement Class Counsel may, without prior order of the Court, withdraw from the Settlement Fund up to $3,500,000.00 in United States Dollars to pay the costs of notice to the class in this Action, including costs for notice and for preliminary and final approval of this settlement, and including for the services of experts on class publication or other issues relating to notice, preliminary approval or final approval, and also to pay interim account escrow fees. In the event 3. The Escrow Agent shall, to the extent practicable, invest the funds deposited in the Settlement Fund in discrete and identifiable instruments backed by the full faith and credit of the United States Government, or fully insured by the United States Government or any agency thereof, and shall reinvest the proceeds of these instruments as they mature in similar instruments at their then current market rates. Any cash portion of the Settlement Fund not invested in instruments of the type described in the first sentence of this Paragraph shall be maintained by the Escrow Agent, and not commingled with any other funds or monies, in a federally insured bank account. Subsequent to payment into the Settlement Fund pursuant to Section II(A)(1), neither the Settling Defendants nor Settling Defendants’ Counsel shall bear any responsibility or risk related to the Settlement Fund or the Net Settlement Fund. 4. The Parties agree that the Settlement Fund and the Net Settlement Fund are each intended to be a “Qualified Settlement Fund” within the meaning of Treasury Regulation § 1.468B-1 and that the Escrow Agent, as administrator of the Qualified Settlement Fund within the meaning of Treasury Regulation § 1.468B-2(k)(3), shall be solely responsible for filing tax returns for the Escrow Account and paying from the Escrow Account any Taxes, as defined below, owed with respect to the Escrow Account. Neither the Settling Defendants nor the Settling Defendants’ Counsel shall have any other liability or responsibility of any sort for filing any tax returns or paying any Taxes with respect to the Escrow Account. 5. All: (i) taxes on the income of the Settlement Fund (“Taxes”), and
Appears in 2 contracts
Samples: Settlement Agreement, Settlement Agreement
Settlement Fund Administration. The Settlement Fund shall be administered pursuant to the provisions of this Settlement Agreement and subject to the Court’s continuing supervision and control, until the funds in the Settlement Fund are fully distributed or returned to Settling Defendants distributed, as follows:
1. The Settlement Fund shall be established as within an Escrow Account at a bank located in the United States designated by Settlement Class Counsel and administered by an Escrow Agent designated at a bank agreed to by Settlement Class Counsel. Co-Lead Counsel for the parties agree to cooperate in good faith to form an appropriate escrow agreement in conformance with this Agreement.and
2. Neither the PlaintiffsClass, nor Class Counsel Co-Lead Counsel, shall have any responsibility, financial obligation, or liability for any fees, costs costs, or expenses related to providing notice to the Class or for any fees obtaining approval of the settlement, or administering the Settlement. Settlement Class Co-Lead Counsel may, without prior order of the Court, withdraw from the Settlement Fund up to $3,500,000.00 in United States Dollars 25,000 to pay the costs of notice to the class in this Action, including costs for notice and for preliminary and final approval of this settlement, and including for the services of experts on class publication or other issues relating to notice, preliminary approval or final approval, and also to pay interim account escrow feesSettlement. In the eventevent that Court-ordered notice and administration costs exceed $25,000, Plaintiffs and Co-Lead Counsel may apply to the Court to pay such additional notice and administration costs from the Settlement Fund. Such costs of notice and administration shall be non-refundable in the event that, for any reason, the Settlement is not finally approved.
3. No other funds shall be paid or disbursements made from the Settlement Fund without an order of the Court.
4. The Escrow Agent shall, to the extent practicable, invest the funds deposited in the Settlement Fund in discrete and identifiable instruments backed by the full faith and credit of the United States Government, or fully insured by the United States Government or any agency thereof, and shall reinvest the proceeds of these instruments as they mature in similar instruments at their then then-current market rates. Any cash portion of the Settlement Fund not invested in instruments of the type described in the first sentence of this Paragraph Section II(C)(4) shall be maintained by the Escrow Agent, and not commingled with any other funds or monies, in a federally insured bank account. Subsequent to payment into the Settlement Fund pursuant to Section II(A)(1), neither the Settling Defendants Supervalu nor Settling Defendants’ Supervalu’s Counsel shall bear any responsibility or risk related to the Settlement Fund or the Net Settlement Fund.
45. The Parties agree that the Settlement Fund and the Net Settlement Fund are each intended to be a “Qualified Settlement Fund” within the meaning of Treasury Regulation § 1.468B-1 and that the Escrow Agent, as administrator of the Qualified Settlement Fund within the meaning of Treasury Regulation § 1.468B-2(k)(3), shall be solely responsible for filing tax returns for the Escrow Account and paying from the Escrow Account any Taxes, as defined below, owed with respect to the Escrow Account. Neither the Settling Defendants Supervalu nor the Settling Defendants’ Supervalu’s Counsel shall have any other liability or responsibility of any sort for filing any tax returns or paying any Taxes with respect to the Escrow Account.
56. All: (i) taxes on the income of the Settlement Fund (“Taxes”), andand (ii) expenses and costs incurred in connection with the taxation of the Settlement Fund (including, without limitation, expenses of tax attorneys and accountants) shall timely be paid by the Escrow Agent out of the Settlement Fund. The Class Members shall be solely responsible for paying any and all federal, state, and local income taxes due on any distribution made to them pursuant to the Settlement provided herein.
7. After the Date of Final Approval, the Net Settlement Fund shall be disbursed in accordance with a plan of distribution approved by the Court. The Class Members shall look solely to the Net Settlement Fund for settlement and satisfaction of any and all Released Claims from Released Persons.
Appears in 1 contract
Samples: Class Settlement Agreement
Settlement Fund Administration. The Settlement Fund shall be administered pursuant to the provisions of this Settlement Agreement and subject to the Court’s continuing supervision and control, until the funds in the Settlement Fund are fully distributed or returned to Settling Defendants Defendants, as follows:
1. The Settlement Fund shall be established as an Escrow Account at a bank located in the United States designated by Settlement Class Counsel and administered by an Escrow Agent designated by Settlement Class Counsel. Counsel for the parties Parties agree to cooperate in good faith to form an appropriate escrow agreement in conformance with this Agreement.
2. Neither the Plaintiffs, nor Settlement Class Counsel Counsel, shall have any responsibility, financial obligation, or liability for any fees, costs costs, or expenses related to providing notice to the Class or for any fees obtaining approval of the settlement, or administering the Settlement. Settlement Class Counsel may, without prior order of the Court, withdraw from the Settlement Fund up to $3,500,000.00 95,000 in United States Dollars to pay the costs of notice to the class in this Action, including costs for notice and for preliminary and final approval of this settlement, and including for the services of experts on class publication or other issues relating to notice, preliminary approval or final approval, and also to pay interim account escrow fees. In the event,
3. The Escrow Agent shall, to the extent practicable, invest the funds deposited in the Settlement Fund in discrete and identifiable instruments backed by the full faith and credit of the United States Government, or fully insured by the United States Government or any agency thereof, and shall reinvest the proceeds of these instruments as they mature in similar instruments at their then then-current market rates. Any cash portion of the Settlement Fund not invested in instruments of the type described in the first sentence of this Paragraph shall be maintained by the Escrow Agent, and not commingled with any other funds or monies, in a federally insured bank account. Subsequent to payment into the Settlement Fund pursuant to Section II(A)(1), neither the Settling Defendants nor Settling Defendants’ Counsel shall bear any responsibility or risk related to the Settlement Fund or the Net Settlement Fund.
4. The Parties agree that the Settlement Fund and the Net Settlement Fund are each intended to be a “Qualified Settlement Fund” within the meaning of Treasury Regulation § 1.468B-1 and that the Escrow Agent, as administrator of the Qualified Settlement Fund within the meaning of Treasury Regulation § 1.468B-2(k)(3), shall be solely responsible for filing tax returns for the Escrow Account and paying from the Escrow Account any Taxes, as defined below, owed with respect to the Escrow Account. Neither the Settling Defendants nor the Settling Defendants’ Counsel shall have any other liability or responsibility of any sort for filing any tax returns or paying any Taxes with respect to the Escrow Account.
5. All: (i) taxes on the income of the Settlement Fund (“Taxes”), and
Appears in 1 contract
Samples: Settlement Agreement
