Settlement Payments and Procedures. 3.1 Defendant agrees to pay the non-reversionary (all-in) Gross Settlement Amount of $4,000,000 (four million dollars) to resolve all pending and potential Penal Code §§ 632, 632.7 and 637.2 claims for all Settlement Class Members during the Class Period, as well as to pay a service award to the Settlement Class Representative, all costs of administration and notice, and Settlement Class Counsel’s attorneys’ fees and costs, all of which will be deducted from the Gross Settlement Amount. In no event shall Defendant or any of the other Released Parties be required to make any payment in excess of the Gross Settlement Amount for any cause or reason whatsoever. Within 20 calendar days after the Court enters the order granting preliminary approval, Defendant shall deposit with the Claims Administrator the estimated amount (no more than $20,000) necessary to pay for the notice program described in Section 6 below. Within 30 calendar days of the Settlement Effective Date, Defendant shall fund the remainder of the $4,000,000 Gross Settlement Amount. All payments made by Defendant shall be deposited by the Claims Administrator into one or more FDIC-insured institutions in a segregated, FDIC-insured, non-interest-bearing account or accounts to be opened and maintained by the Claims Administrator at banks that have passed the most recent Xxxx-Xxxxx Act Stress Test. The Claims Administrator shall maintain those accounts and allow withdrawals from those accounts only if those withdrawals are consistent with the terms of this Agreement and any orders of the Court. Under no circumstances, including in the event of an appeal or appeals, shall Defendant be obligated to pay more than the Gross Settlement Amount set forth in this Agreement. 3.2 Settlement Class Counsel shall have the right to make a motion for attorneys’ fees of up to one third of the Gross Settlement Amount ($1,333,333) and actual costs, which currently are estimated not to exceed $20,000. Defendant will take no position with regard to any motion by Settlement Class Counsel for an award of attorneys’ fees and costs that do not exceed those amounts. Defendant agrees that it has no right to appeal the amount of any award of attorneys’ fees or costs so long as the total amount awarded does not exceed these amounts. Defendant shall not be liable for any payment to Settlement Class Counsel other than the above-described award of attorneys’ fees and costs to be paid out of the Gross Settlement Amount regardless of any potential objection or appeal. A reduction by the Court or by an appellate court of the attorneys’ fees and costs awarded to Settlement Class Counsel will not be considered a Material modification of this Agreement and shall not affect any of the Parties’ rights and obligations under this Agreement, and shall only serve to reduce the amount of the attorneys’ fees and costs payable to Settlement Class Counsel from the Gross Settlement Amount and increase the Net Settlement Fund (as defined below). The Claims Administrator shall pay the attorneys’ fees and costs, as approved by the Court, to Settlement Class Counsel within 30 calendar days of the Settlement Effective Date. 3.3 The Settlement Class Representative agrees not to seek a service award of more than $10,000 as consideration for his efforts in prosecuting the Action to date and through entry of the Final Approval Order and Judgment. Defendant will take no position regarding this request so long as it does not exceed the above amount. Defendant agrees that it has no right to appeal the amount of any service award so long as the amount awarded does not exceed $10,000. Other than the value of his individual claim as a Settlement Class Member, the amount ultimately ordered by the Court shall be the only consideration paid to the Settlement Class Representative under this Agreement or in connection with the Action and shall be paid out of the Gross Settlement Amount, and Defendant shall not otherwise be liable for any payment to the Settlement Class Representative. A reduction by the Court or by an appellate court of any service award will not be considered a Material modification of this Agreement and shall not affect any of the Parties’ rights and obligations under this Agreement and shall serve only to reduce the amount of the service award payable to the Settlement Class Representative and increase the Net Settlement Fund (as defined below). The Claims Administrator shall pay the service award, as approved by the Court, to the Settlement Class Representative within 30 calendar days after the Settlement Effective Date. 3.4 The following amounts shall be subtracted from the $4,000,000 Gross Settlement Amount to arrive at the amount of the “Net Settlement Fund”: Notice and administrative costs (estimated at no more than $80,000), attorneys’ fees (up to a maximum of $1,333,333) and costs (estimated at not more than $20,000) as awarded to Settlement Class Counsel, and the service award to the Settlement Class Representative of up to $10,000, all totaling an estimated $1,443,333 and leaving an estimated $2,556,667 Net Settlement Fund. There will be no reversion of any part of the Gross Settlement Amount to Defendant. The entire Net Settlement Fund shall be distributed to Authorized Claimants according to the formula and methodology in Section 3.5 below. 3.5 Defendant has a record of the telephone numbers that called its customer service telephone number ((000) 000-0000) during the Class Period. Defendant represents that there are 34,921 telephone numbers with California Area Codes that made approximately 109,000, but not more than, 125,000 telephone calls to the Farfetch customer service telephone number during the Class Period and who were not notified that the call may be recorded. The Net Settlement Fund shall be used to pay the claims of Authorized Claimants. The amount to be paid to each of the Authorized Claimants shall be determined by dividing the Net Settlement Fund among the Authorized Claimants in proportion to the number of unlawfully-recorded calls made by each such Authorized Claimant. Thus, to determine the amount of the settlement payment that each Authorized Claimant shall receive, the Net Settlement Fund first shall be divided by the aggregate number of unlawfully-recorded calls made by all Authorized Claimants. The quotient resulting from that division shall be the Per-Call Net Settlement Amount. The sum to be paid to each Authorized Claimant shall be equal to the Per-Call Net Settlement Amount multiplied by the number of calls made by or otherwise attributable to that Authorized Claimant. By way of example only, if the Net Settlement Amount were $10,000 and the aggregate number of calls made by all Authorized Claimants were 100, the Per-Call Net Settlement Amount would be $10,000/100 = $100 per qualifying call. In this example, if an Authorized Xxxxxxxx who submitted a valid and timely Claim Form had made three qualifying calls, that Authorized Claimant would receive a settlement payment in the amount of $300 (3 qualifying calls x $100 per qualifying call). The Claims Administrator shall confirm the number of calls claimed by Authorized Claimants by cross- referencing information provided by the Authorized Claimants with information provided by Defendant. 3.6 No Settlement Class Member shall have an ownership interest in a share of the Net Settlement Fund unless and until the check sent to that Settlement Class Member representing those funds is negotiated or deposited. Settlement checks must be cashed, deposited or negotiated within 90 calendar days after the date of the check (the “Check Void Date”). If any funds remain from checks that are not cashed, deposited or negotiated by the Check Void Date, those remaining amounts shall be paid to Consumer Federation of California (the “Cy Pres Beneficiary”) or as otherwise ordered by the Court. 3.7 The Gross Settlement Amount is a compromise of the Settlement Class Representative’s claims that he and the Settlement Class Members have been injured and that they are entitled to recover statutory damages. Defendant denies the validity of the Settlement Class Members’ claims and that they have been injured or are entitled to recover any statutory damages. Thus, the Gross Settlement Amount is not, and cannot be characterized as, a penalty or a fine.
Appears in 1 contract
Samples: Settlement Agreement
Settlement Payments and Procedures. 3.1 Defendant agrees to pay the non-reversionary (all-in) Gross Settlement Amount of One Million Seven Hundred Twenty-Five Thousand dollars ($4,000,000 (four million dollars1,725,000.00) to resolve all pending and potential Penal Code §§ 632, 632.7 and 637.2 claims for all Settlement Class Members during the Class Period, as well as to pay a service award to the Settlement Class Representative, all costs of administration and notice, and Settlement Class Counsel’s attorneys’ fees and costs, all of which will be deducted from the Gross Settlement Amount. In no event shall Defendant or any of the other Released Parties be required to make any payment in excess of the Gross Settlement Amount for any cause or reason whatsoever. Within 20 calendar days after the Court enters the order granting preliminary approval, Defendant shall deposit with the Claims Administrator the estimated amount (no more than $20,00025,000.00) necessary to pay for the notice program described in Section 6 below. Within 30 calendar days of the Settlement Effective Date, Defendant shall fund the remainder of the $4,000,000 1,725,000.00 Gross Settlement Amount. All payments made by Defendant shall be deposited by the Claims Administrator into one or more FDIC-insured institutions in a segregated, FDIC-FDIC- insured, non-interest-bearing account or accounts to be opened and maintained by the Claims Administrator at banks that have passed the most recent Xxxx-Xxxxx Act Stress Test. The Claims Administrator shall maintain those accounts and allow withdrawals from those accounts only if those withdrawals are consistent with the terms of this Agreement and any orders of the Court. Under no circumstances, including in the event of an appeal or appeals, shall Defendant be obligated to pay more than the Gross Settlement Amount set forth in this Agreement.
3.2 Settlement Class Counsel shall have the right to make a motion for attorneys’ fees of up to one third of the Gross Settlement Amount ($1,333,333575,000.00) and actual costs, which currently are estimated not to exceed $20,00020,000.00. Defendant will take no position with regard to any motion by Settlement Class Counsel for an award of attorneys’ fees and costs that do not exceed those amounts. Defendant agrees that it has no right to appeal the amount of any award of attorneys’ fees or costs so long as the total amount awarded does not exceed these amounts. Defendant shall not be liable for any payment to Settlement Class Counsel other than the above-described award of attorneys’ fees and costs to be paid out of the Gross Settlement Amount regardless of any potential objection or appeal. A reduction by the Court or by an appellate court of the attorneys’ fees and costs awarded to Settlement Class Counsel will not be considered a Material modification of this Agreement and shall not affect any of the Parties’ rights and obligations under this Agreement, and shall only serve to reduce the amount of the attorneys’ fees and costs payable to Settlement Class Counsel from the Gross Settlement Amount and increase the Net Settlement Fund (as defined below). The Claims Administrator shall pay the attorneys’ fees and costs, as approved by the Court, to Settlement Class Counsel within 30 calendar days of the Settlement Effective Date.
3.3 The Settlement Class Representative agrees not to seek a service award of more than $10,000 15,000.00 as consideration for his efforts in prosecuting the Action to date and through entry of the Final Approval Order and Judgment. Defendant will take no position regarding this request so long as it does not exceed the above amount. Defendant agrees that it has no right to appeal the amount of any service award so long as the amount awarded does not exceed $10,00015,000.00. Other than the value of his individual claim as a Settlement Class Member, the amount ultimately ordered by the Court shall be the only consideration paid to the Settlement Class Representative under this Agreement or in connection with the Action and shall be paid out of the Gross Settlement Amount, and Defendant shall not otherwise be liable for any payment to the Settlement Class Representative. A reduction by the Court or by an appellate court of any service award will not be considered a Material modification of this Agreement and shall not affect any of the Parties’ rights and obligations under this Agreement and shall serve only to reduce the amount of the service award payable to the Settlement Class Representative and increase the Net Settlement Fund (as defined below). The Claims Administrator shall pay the service award, as approved by the Court, to the Settlement Class Representative within 30 calendar days after the Settlement Effective Date.
3.4 The following amounts shall be subtracted from the $4,000,000 Gross Settlement Amount to arrive at the amount of the “Net Settlement Fund”: Notice and administrative costs (estimated at no more than $80,000), attorneys’ fees (up to a maximum of $1,333,333) and costs (estimated at not more than $20,000) as awarded to Settlement Class Counsel, and the service award to the Settlement Class Representative of up to $10,000, all totaling an estimated $1,443,333 and leaving an estimated $2,556,667 Net Settlement Fund. There will be no reversion of any part of the Gross Settlement Amount to Defendant. The entire Net Settlement Fund shall be distributed to Authorized Claimants according to the formula and methodology in Section 3.5 below.
3.5 Defendant has a record of the telephone numbers that called its customer service telephone number ((000) 000-0000) during the Class Period. Defendant represents that there are 34,921 telephone numbers with California Area Codes that made approximately 109,000, but not more than, 125,000 telephone calls to the Farfetch customer service telephone number during the Class Period and who were not notified that the call may be recorded. The Net Settlement Fund shall be used to pay the claims of Authorized Claimants. The amount to be paid to each of the Authorized Claimants shall be determined by dividing the Net Settlement Fund among the Authorized Claimants in proportion to the number of unlawfully-recorded calls made by each such Authorized Claimant. Thus, to determine the amount of the settlement payment that each Authorized Claimant shall receive, the Net Settlement Fund first shall be divided by the aggregate number of unlawfully-recorded calls made by all Authorized Claimants. The quotient resulting from that division shall be the Per-Call Net Settlement Amount. The sum to be paid to each Authorized Claimant shall be equal to the Per-Call Net Settlement Amount multiplied by the number of calls made by or otherwise attributable to that Authorized Claimant. By way of example only, if the Net Settlement Amount were $10,000 and the aggregate number of calls made by all Authorized Claimants were 100, the Per-Call Net Settlement Amount would be $10,000/100 = $100 per qualifying call. In this example, if an Authorized Xxxxxxxx who submitted a valid and timely Claim Form had made three qualifying calls, that Authorized Claimant would receive a settlement payment in the amount of $300 (3 qualifying calls x $100 per qualifying call). The Claims Administrator shall confirm the number of calls claimed by Authorized Claimants by cross- referencing information provided by the Authorized Claimants with information provided by Defendant.
3.6 No Settlement Class Member shall have an ownership interest in a share of the Net Settlement Fund unless and until the check sent to that Settlement Class Member representing those funds is negotiated or deposited. Settlement checks must be cashed, deposited or negotiated within 90 calendar days after the date of the check (the “Check Void Date”). If any funds remain from checks that are not cashed, deposited or negotiated by the Check Void Date, those remaining amounts shall be paid to Consumer Federation of California (the “Cy Pres Beneficiary”) or as otherwise ordered by the Court.
3.7 The Gross Settlement Amount is a compromise of the Settlement Class Representative’s claims that he and the Settlement Class Members have been injured and that they are entitled to recover statutory damages. Defendant denies the validity of the Settlement Class Members’ claims and that they have been injured or are entitled to recover any statutory damages. Thus, the Gross Settlement Amount is not, and cannot be characterized as, a penalty or a fine.be
Appears in 1 contract
Samples: Settlement Agreement
Settlement Payments and Procedures. 3.1 Defendant agrees Defendants agree to fund a Cash Settlement Fund of up to $450,000.00 to pay the nonAuthorized Claimants who submit valid and timely Claim Forms-reversionary (all-in) Gross Settlement Amount of $4,000,000 (four million dollars) to resolve all pending and potential Penal Code §§ 632, 632.7 and 637.2 claims for all Settlement Class Members during the Class Period, as well as to pay a service award to the Settlement Class Representative, all costs of administration and notice, and Settlement Class Counsel’s attorneys’ fees and costs, all of which Cash. Defendants will be deducted from the Gross Settlement Amount. In no event shall Defendant or any of the other Released Parties only be required to make any fund the amount required to pay $27.00 per documented transaction to each Settlement Class Member who submits a valid and timely Claim Form-Cash (i.e., Authorized Claimant) up to a total of $450,000.00. If the number of valid and timely claims paid out at $27.00 per documented transaction will exceed $450,000.00, the payment in excess to each Authorized Claimant per documented transaction shall decrease on a pro-rata basis with the entire $450,000.00 being distributed to Authorized Claimants who submit valid and timely Claim Forms-Cash. Within 10 business days of Settlement Effective Date, Defendants shall fund the amount of the Gross Cash Settlement Amount for any cause or reason whatsoeverFund required to make all required settlement payments.
3.2 Defendants agree to pay all notice and administration costs and expenses, currently estimated not to exceed $200,000.00. Within 20 calendar 10 business days after the Court enters of the order granting preliminary approval, Defendant Defendants shall deposit with the Claims Administrator the estimated amount (no more than $20,00075,000.00) necessary to pay for the notice program described in Section 6 below. Within 30 calendar 10 business days of the Settlement Effective Date, Defendant Defendants shall fund the amount required to pay the remainder of the $4,000,000 Gross notice and administration costs plus the amount required to pay the award of attorneys’ fees and litigation expenses to Settlement AmountClass Counsel and the enhancement awards to the Settlement Class Representatives. All payments made by Defendant funds (including the amount required to fund the Cash Settlement Fund) shall be deposited by the Claims Administrator into one or more FDIC-insured institutions in a segregated, FDIC-insured, segregated non-interest-bearing account or accounts to be opened and maintained by the Claims Administrator at banks that have passed the most recent Xxxx-Xxxxx Act Stress Test. The Claims Administrator shall maintain those accounts and allow withdrawals from those accounts only if those withdrawals are consistent with the terms of this Agreement and any orders of the Court. Under no circumstances, including in the event of an appeal or appeals, shall Defendant be obligated to pay more than the Gross Settlement Amount set forth in this Agreement.
3.2 Settlement Class Counsel shall have the right to make a motion for attorneys’ fees of up to one third of the Gross Settlement Amount ($1,333,333) and actual costs, which currently are estimated not to exceed $20,000. Defendant will take no position with regard to any motion by Settlement Class Counsel for an award of attorneys’ fees and costs that do not exceed those amounts. Defendant agrees that it has no right to appeal the amount of any award of attorneys’ fees or costs so long as the total amount awarded does not exceed these amounts. Defendant shall not be liable for any payment to Settlement Class Counsel other than the above-described award of attorneys’ fees and costs to be paid out of the Gross Settlement Amount regardless of any potential objection or appeal. A reduction by the Court or by an appellate court of the attorneys’ fees and costs awarded to Settlement Class Counsel will not be considered a Material modification of this Agreement and shall not affect any of the Parties’ rights and obligations under this Agreement, and shall only serve to reduce the amount of the attorneys’ fees and costs payable to Settlement Class Counsel from the Gross Settlement Amount and increase the Net Settlement Fund (as defined below). The Claims Administrator shall pay may use the attorneys’ fees deposited funds to cover the preparation and costs, as approved by the Court, to Settlement Class Counsel within 30 calendar days of the Settlement Effective Date.
3.3 The Settlement Class Representative agrees not to seek a service award of more than $10,000 as consideration for his efforts in prosecuting the Action to date and through entry of the Final Approval Order and Judgment. Defendant will take no position regarding this request so long as it does not exceed the above amount. Defendant agrees that it has no right to appeal the amount of any service award so long as the amount awarded does not exceed $10,000. Other than the value of his individual claim as a Settlement Class Member, the amount ultimately ordered by the Court shall be the only consideration paid to the Settlement Class Representative under this Agreement or in connection with the Action and shall be paid out of the Gross Settlement Amount, and Defendant shall not otherwise be liable for any payment to the Settlement Class Representative. A reduction by the Court or by an appellate court of any service award will not be considered a Material modification of this Agreement and shall not affect any of the Parties’ rights and obligations under this Agreement and shall serve only to reduce the amount of the service award payable to the Settlement Class Representative and increase the Net Settlement Fund (as defined below). The Claims Administrator shall pay the service award, as approved by the Court, to the Settlement Class Representative within 30 calendar days after the Settlement Effective Date.
3.4 The following amounts shall be subtracted from the $4,000,000 Gross Settlement Amount to arrive at the amount of the “Net Settlement Fund”: Notice and administrative costs (estimated at no more than $80,000), attorneys’ fees (up to a maximum of $1,333,333) and costs (estimated at not more than $20,000) as awarded to Settlement Class Counsel, and the service award to the Settlement Class Representative of up to $10,000, all totaling an estimated $1,443,333 and leaving an estimated $2,556,667 Net Settlement Fund. There will be no reversion of any part of the Gross Settlement Amount to Defendant. The entire Net Settlement Fund shall be distributed to Authorized Claimants according to the formula and methodology in Section 3.5 below.
3.5 Defendant has a record of the telephone numbers that called its customer service telephone number ((000) 000-0000) during the Class Period. Defendant represents that there are 34,921 telephone numbers with California Area Codes that made approximately 109,000, but not more than, 125,000 telephone calls to the Farfetch customer service telephone number during the Class Period and who were not notified that the call may be recorded. The Net Settlement Fund shall be used to pay the claims of Authorized Claimants. The amount to be paid to each of the Authorized Claimants shall be determined by dividing the Net Settlement Fund among the Authorized Claimants in proportion to the number of unlawfully-recorded calls made by each such Authorized Claimant. Thus, to determine the amount of the settlement payment that each Authorized Claimant shall receive, the Net Settlement Fund first shall be divided by the aggregate number of unlawfully-recorded calls made by all Authorized Claimants. The quotient resulting from that division shall be the Per-Call Net Settlement Amount. The sum to be paid to each Authorized Claimant shall be equal to the Per-Call Net Settlement Amount multiplied by the number of calls made by or otherwise attributable to that Authorized Claimant. By way of example only, if the Net Settlement Amount were $10,000 and the aggregate number of calls made by all Authorized Claimants were 100, the Per-Call Net Settlement Amount would be $10,000/100 = $100 per qualifying call. In this example, if an Authorized Xxxxxxxx who submitted a valid and timely Claim Form had made three qualifying calls, that Authorized Claimant would receive a settlement payment in the amount of $300 (3 qualifying calls x $100 per qualifying call). The Claims Administrator shall confirm the number of calls claimed by Authorized Claimants by cross- referencing information provided by the Authorized Claimants with information provided by Defendant.
3.6 No Settlement Class Member shall have an ownership interest in a share of the Net Settlement Fund unless and until the check sent to that Settlement Class Member representing those funds is negotiated or deposited. Settlement checks must be cashed, deposited or negotiated within 90 calendar days after the date of the check (the “Check Void Date”). If any funds remain from checks that are not cashed, deposited or negotiated by the Check Void Date, those remaining amounts shall be paid to Consumer Federation of California (the “Cy Pres Beneficiary”) or as otherwise ordered by the Court.
3.7 The Gross Settlement Amount is a compromise mailing of the Settlement Class Representative’s claims that he Notice (including performing address updates and verifications prior to the first mailing and a single address follow up on any returned mail), setting up the Settlement Class Members have been injured and that they are entitled to recover statutory damages. Defendant denies the validity of the Settlement Class Members’ claims and that they have been injured or are entitled to recover any statutory damages. Thus, the Gross Settlement Amount is notWebsite, and cannot be characterized as, a penalty or a fineinitiating the on-line banner advertising campaign.
Appears in 1 contract
Samples: Settlement Agreement
Settlement Payments and Procedures. 3.1 Defendant agrees to pay up to $1,250,000 (the non-reversionary (all-in) Gross “Maximum Settlement Amount of $4,000,000 (four million dollarsAmount”) to resolve all pending and potential Penal Code §§ 632, 632.7 and 637.2 claims for all Settlement Class Members during the Class Period, as well as to pay a service award to the Settlement Class Representative, all costs of administration and notice, and Settlement Class Counsel’s attorneys’ fees and costs, all of which will be deducted from the Gross Maximum Settlement Amount. In no event shall Defendant or any of the other Released Parties be required to make any payment in excess of the Gross Maximum Settlement Amount for any cause or reason whatsoever. Within 20 calendar days after the Court enters the order granting preliminary approval, Defendant shall deposit with the Claims Administrator the estimated amount (no more than $20,000) necessary to pay for the notice program described in Section 6 below. Within 30 calendar days of the Settlement Effective Date, Defendant shall fund pay to the remainder Claims Administrator an amount equal to either the amount of all Authorized Claims or half of the $4,000,000 Gross Net Settlement AmountFund, whichever is greater. Also, within 30 calendar days of the Settlement Effective Date, Defendant shall pay to the Claims Administrator an amount equal to the sum of the service award to the Settlement Class Representative, and Settlement Class Counsel’s attorneys’ fees and costs. Defendant shall also pay to the Claims Administrator all costs associated with the notice and administration of the settlement. All payments made by Defendant for payment of Authorized Claims shall be deposited by the Claims Administrator into one or more FDIC-insured institutions in a segregated, FDIC-insured, non-segregated non- interest-bearing account or accounts to be opened and maintained by the Claims Administrator at banks that have passed the most recent Xxxx-Xxxxx Act Stress Test. The Claims Administrator shall maintain those accounts and allow withdrawals from those accounts only if those withdrawals are consistent with the terms of this Agreement and any orders of the Court. Under no circumstances, including in the event of an appeal or appeals, shall Defendant be obligated to pay more than the Gross Maximum Settlement Amount set forth in this Agreement.
3.2 Settlement Class Counsel shall have the right to make a motion for attorneys’ fees of up and costs in no case to one third exceed more than $400,000 (32% of the Gross Maximum Settlement Amount ($1,333,333Amount) and actual costs, which currently are estimated not to exceed $20,000be paid from the Maximum Settlement Amount. Defendant will take no position with regard to any motion by Settlement Class Counsel for an award of attorneys’ fees and costs that do not exceed those amountsof up to $400,000. Defendant agrees that it has no right to appeal the amount of any award of attorneys’ fees or costs so long as the total amount awarded does not exceed these amounts$400,000. Defendant shall not be liable for any payment to Settlement Class Counsel other than the above-described award of attorneys’ fees and costs to be paid out of the Gross Maximum Settlement Amount regardless of any potential objection or appeal. A reduction by the Court or by an appellate court of the attorneys’ fees and costs awarded to Settlement Class Counsel will not be considered a Material modification of this Agreement and shall not affect any of the Parties’ rights and obligations under this Agreement, and shall only serve to reduce the amount of the attorneys’ fees and costs payable to Settlement Class Counsel from the Gross Maximum Settlement Amount and increase the Net Settlement Fund (as defined below). The Claims Administrator shall pay the attorneys’ fees and costs, as approved by the Court, to Settlement Class Counsel within 30 calendar days of the Settlement Effective Date.
3.3 The Settlement Class Representative agrees not to seek a service award of more than $10,000 as consideration for his efforts in prosecuting the Action to date and through entry of the Final Approval Order and Judgment. Defendant will take no position regarding this request so long as it does not exceed the above amount. Defendant agrees that it has no right to appeal the amount of any service award so long as the amount awarded does not exceed $10,000. Other than Apart from the value of his individual claim as a Settlement Class Member, the amount ultimately ordered by the Court shall be the only consideration paid to the Settlement Class Representative under this Agreement or in connection with the Action and shall be paid out of the Gross Maximum Settlement Amount, and Defendant shall not otherwise be liable for any payment to the Settlement Class Representative. A reduction by the Court or by an appellate court of any service award will not be considered a Material modification of this Agreement and shall not affect any of the Parties’ rights and obligations under this Agreement and shall serve only to reduce the amount of the service award payable to the Settlement Class Representative and increase the Net Settlement Fund (as defined below). The Claims Administrator shall pay the service award, as approved by the Court, to the Settlement Class Representative within 30 calendar days after the Settlement Effective Date.
3.4 The following amounts shall be subtracted from the $4,000,000 Gross 1,250,000 Maximum Settlement Amount to arrive at the amount of the “Net Settlement Fund”: Notice and administrative costs (estimated at no more than $80,00050,000), ; attorneys’ fees (and costs as awarded to Settlement Class Counsel up to a maximum of $1,333,333) and costs (estimated at not more than $20,000) as awarded to Settlement Class Counsel, 400,000; and the service award to the Settlement Class Representative of up to $10,000, ; all totaling an estimated $1,443,333 460,000 and leaving an estimated $2,556,667 790,000 Net Settlement Fund. There will be no reversion of any part of the Gross Settlement Amount to Defendant. The entire Net Settlement Fund shall be distributed to Authorized Claimants according to the formula and methodology in Section 3.5 below.
3.5 Defendant has a record of the telephone numbers that called calls to its customer service Rapid Rewards toll-free telephone number ((000) -000-0000) during the Class Period. Defendant represents that there are 34,921 telephone numbers with California Area Codes that approximately 16,599 Settlement Class Members who made approximately 109,000, but not more than, 125,000 telephone a total of 20,238 calls to the Farfetch customer service that telephone number during the Class Period and who were not notified that the call may be recordedPeriod. The Net Settlement Fund shall be used to pay the claims of Authorized Claimants. The amount to be paid to each of the Authorized Claimants shall be determined by dividing the Net Settlement Fund among the Authorized Claimants in proportion to the number of unlawfullyon a per-recorded calls made by each such Authorized Claimant. Thus, to determine the amount of the settlement payment that each Authorized Claimant shall receive, the Net Settlement Fund first shall be divided by the aggregate number of unlawfullycall-recorded calls made by all Authorized Claimants. The quotient resulting from that division shall be the Per-Call Net Settlement Amount. The sum to be paid to each Authorized Claimant shall be equal to the Per-Call Net Settlement Amount multiplied by the number of calls made by or otherwise attributable to that Authorized Claimant. By way of example only, if the Net Settlement Amount were $10,000 and the aggregate number of calls made by all Authorized Claimants were 100, the Per-Call Net Settlement Amount would be $10,000/100 = $100 per qualifying call. In this example, if an Authorized Xxxxxxxx who submitted a valid and timely Claim Form had made three qualifying calls, that Authorized Claimant would receive a settlement payment value basis in the amount of $300 (3 qualifying calls x $100 39 per qualifying call). However, regardless of the total claims submitted by Settlement Class members, Defendant is required to pay a minimum of 50% of the Net Settlement Amount to the Authorized Claimants. If the dollar value of all claims submitted by Authorized Claimants totals less than 50% of the Net Settlement Amount, each Authorized Claimant’s payment will be increased on a pro-rata basis until the total amount paid to all Authorized Claimants collectively equals 50% of the Net Settlement Amount. The Claims Administrator shall confirm the number of calls claimed by Authorized Claimants by cross- referencing information provided by the Authorized Claimants with information provided by Defendant.
3.6 No Settlement Class Member shall have an ownership interest in a share of the Net Settlement Fund unless and until the check sent to that Settlement Class Member representing those such funds is negotiated or deposited. Settlement checks must be cashed, deposited or negotiated within 90 calendar days after the date of the check (the “Check Void Date”). If any funds remain from checks that are not cashed, deposited or negotiated by the Check Void Date, those remaining amounts shall be paid to Consumer Federation of California (the “Cy Pres Beneficiary”) or as otherwise ordered by the Court.
3.7 The Gross Maximum Settlement Amount is a compromise of the Settlement Class Representative’s claims that he and the Settlement Class Members have been injured and that they are entitled to recover statutory damages. Defendant denies the validity of the Settlement Class Members’ claims and that they have been injured or are entitled to recover any statutory damages. Thus, the Gross Maximum Settlement Amount is not, and cannot be characterized as, a penalty or a fine.
Appears in 1 contract
Samples: Settlement Agreement
Settlement Payments and Procedures. 3.1 Defendant agrees to pay the non-reversionary (all-in) Gross Settlement Amount of One Million Six Hundred One Thousand Nine-Hundred Ten dollars ($4,000,000 (four million dollars1,601,910.00) to resolve all pending and potential Penal Code §§ 632, 632.7 and 637.2 claims for all Settlement Class Members during the Class Period, as well as to pay a service award to the Settlement Class Representative, all costs of administration and notice, and Settlement Class Counsel’s attorneys’ fees and costs, all of which will be deducted from the Gross Settlement Amount. In no event shall Defendant or any of the other Released Parties be required to make any payment in excess of the Gross Settlement Amount for any cause or reason whatsoever. Within 20 calendar days after the Court enters the order granting preliminary approvalapproval or 20 calendar days after the Settlement Administrator provides payment instructions and a W-9 to Defendant’s counsel, whichever is later, Defendant shall deposit with the Claims Administrator the estimated amount (no more than $20,00017,500.00) necessary to pay for the notice program described in Section 6 below. Within 30 20 calendar days of the Settlement Effective Date, Defendant shall fund the remainder of the $4,000,000 1,601,910.00 Gross Settlement Amount. All payments made by Defendant shall be deposited by the Claims Administrator into one or more FDIC-insured institutions in a segregated, FDIC-insured, non-interest-bearing account or accounts to be opened and maintained by the Claims Administrator at banks that have passed the most recent Xxxx-Xxxxx Act Stress Test. The number of such accounts and banks shall be no fewer than the minimum number necessary to ensure that the entirety of the funds paid into those accounts will be and remain FDIC-insured. The Claims Administrator shall maintain those accounts and allow withdrawals from those accounts only if those withdrawals are consistent with the terms of this Agreement and any orders of the Court. Under no circumstances, including in the event of an appeal or appeals, shall Defendant be obligated to pay more than the Gross Settlement Amount set forth in this Agreement.
3.2 Settlement Class Counsel shall have the right to make a motion for attorneys’ fees of up to one third of the $1,601,910.00 Gross Settlement Amount (i.e., $1,333,333533,970.00) and actual costs, which currently are estimated not to exceed $20,00025,000.00. Defendant will take no position with regard to any motion by Settlement Class Counsel for an award of attorneys’ fees and costs that do not exceed those amounts. Defendant agrees that it has no right to appeal the amount of any award of attorneys’ fees or costs so long as the total amount awarded does not exceed these amounts. Defendant shall not be liable for any payment to Settlement Class Counsel other than the above-described award of attorneys’ fees and costs to be paid out of the Gross Settlement Amount regardless of any potential objection or appeal. A reduction by the Court or by an appellate court of the attorneys’ fees and costs awarded to Settlement Class Counsel will not be considered a Material modification of this Agreement and shall not affect any of the Parties’ rights and obligations under this Agreement, and shall only serve to reduce the amount of the attorneys’ fees and costs payable to Settlement Class Counsel from the Gross Settlement Amount and increase the Net Settlement Fund (as defined below). The Claims Administrator shall pay the attorneys’ fees and costs, as approved by the Court, to Settlement Class Counsel within 30 calendar days of the Settlement Effective Date.
3.3 The Settlement Class Representative agrees not to seek a service award of more than $10,000 10,000.00 as consideration for his her efforts in prosecuting the Action to date and through entry of the Final Approval Order and Judgment. Defendant will take no position regarding this that request so long as it does not exceed the above amount. Defendant agrees that it has no right to appeal the amount of any service award so long as the amount awarded does not exceed $10,00010,000.00. Other than the value of his her individual claim as a Settlement Class Member, the amount ultimately ordered by the Court shall be the only consideration paid to the Settlement Class Representative under this Agreement or in connection with the Action and shall be paid out of the Gross Settlement Amount, and Defendant shall not otherwise be liable for any payment to the Settlement Class Representative. A reduction by the Court or by an appellate court of any service award will not be considered a Material modification of this Agreement and shall not affect any of the Parties’ rights and obligations under this Agreement and shall serve only to reduce the amount of the service award payable to the Settlement Class Representative and increase the Net Settlement Fund (as defined below). The Claims Administrator shall pay the service award, as approved by the Court, to the Settlement Class Representative within 30 calendar days after the Settlement Effective Date.
3.4 The following amounts shall be subtracted from the $4,000,000 1,601,910 Gross Settlement Amount to arrive at the amount of the “Net Settlement Fund”: Notice and administrative costs (estimated at to be no more than $80,00060,000.00), attorneys’ fees (up to a maximum of $1,333,333533,970.00) and attorneys’ costs (estimated at to be not more than $20,00025,000.00) as awarded to Settlement Class Counsel, and the service award to the Settlement Class Representative of up to $10,00010,000.00, all totaling an estimated $1,443,333 628,970 and leaving an estimated $2,556,667 972,940 Net Settlement Fund. There will be no reversion of any part of the Gross Settlement Amount to Defendant. The entire Net Settlement Fund shall be distributed to Authorized Claimants according to the formula and methodology in Section 3.5 below.
3.5 Defendant has a record of the telephone numbers that called its outbound customer service telephone number ((000) 000-0000) calls during the Class Period. Defendant represents that there are 34,921 telephone numbers with California Area Codes that made approximately 109,000, but not more than, 125,000 telephone calls to the Farfetch customer service telephone number during the Class Period and who were not notified estimates that the call may be recordedSettlement Class consists of approximately 9,632 individuals (as measured by unique telephone numbers) who received a total of approximately 18,846 telephone calls. The Net Settlement Fund shall be used to pay the claims of Authorized Claimants. The amount to be paid to each of the Authorized Claimants shall be determined by dividing the Net Settlement Fund among the Authorized Claimants in proportion to the number of allegedly unlawfully-recorded calls made by to each such Authorized Claimant. Thus, to determine the amount of the settlement payment that each Authorized Claimant shall receive, the Net Settlement Fund first shall be divided by the aggregate number of allegedly unlawfully-recorded calls made received by all Authorized Claimants. The quotient resulting from that division shall be the Per-Call Net Settlement Amount. The sum to be paid to each Authorized Claimant shall be equal to the Per-Per- Call Net Settlement Amount multiplied by the number of calls made received by or otherwise attributable to that Authorized Claimant. By way of example only, if the Net Settlement Amount were equals $10,000 10,000.00 and the aggregate number of calls made by all Authorized Claimants were to Settlement Class members who submit valid and timely Claim Forms is 100, the Perper-Call Net Settlement Amount call settlement payment value would be $10,000/100 calls = $100 100.00 per qualifying call. In this example, if an Authorized Xxxxxxxx a Settlement Class member who submitted submits a valid and timely Claim Form had made received three qualifying calls, that Authorized Claimant the Settlement Class member would receive a settlement payment in the amount of $300 300.00 (i.e., 3 qualifying calls x $100 per qualifying call). No Settlement Class member shall receive more than $5,000.00 per qualifying call. There will be no reversion of any part of the Gross Settlement Amount to Defendant. Settlement checks will be valid for 90 days. The Claims Administrator shall confirm value of any uncashed checks and any amounts from the number of calls claimed by Authorized Claimants by cross- referencing information provided by Net Settlement Amount that remain unclaimed due to the Authorized Claimants with information provided by Defendant$5,000.00-per-qualifying-call limit on payments to Settlement Class members will be paid to the “Cy Pres Beneficiary” identified in Section 3.7 below.
3.6 To receive a settlement payment of $600.00 or more, an Authorized Claimant must provide his/her Taxpayer Identification Number (“TIN”) to the Claims Administrator, pursuant to the instructions on the Claim Form and the Settlement Website. If an Authorized Claimant does not provide his/her TIN to the Claims Administrator and otherwise would be entitled to a settlement payment of $600.00 or more, the Authorized Claimant may receive multiple payments over several tax years and/or have an amount deducted from his/her settlement payment to comply with IRS Regulations.
3.7 No Settlement Class Member shall have an ownership interest in a share of the Net Settlement Fund unless and until the check sent to that Settlement Class Member representing those funds is negotiated or deposited. Settlement checks must be cashed, deposited or negotiated within 90 on or before the 90th calendar days day after the date of the check (the “Check Void Date”). If any funds remain from checks that are not cashed, deposited or negotiated by the Check Void Date, those remaining amounts funds shall be paid to Consumer Federation of California (the “Cy Pres Beneficiary”) or as otherwise ordered by the Court.
3.7 3.8 The Gross Settlement Amount is a compromise of the Settlement Class Representative’s claims that he and the Settlement Class Members have been injured and that they are entitled to recover statutory damages. Defendant denies the validity of the Settlement Class Members’ claims and that they have been injured or are entitled to recover any statutory damages. Thus, the Gross Settlement Amount is not, and cannot be characterized as, a penalty or a fine.
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Samples: Settlement Agreement
