The Escrow Agent. 3.3 The Escrow Account will be established at Huntington National Bank, with such Bank serving as escrow agent (“Escrow Agent”), subject to escrow instructions mutually acceptable to Plaintiff’s Lead Counsel and Defendants, such escrow to be administered under the Court’s continuing supervision and control. The Escrow Agent shall cause the funds deposited pursuant to ¶ 3.1 hereof in the Escrow Account to be invested in short-term instruments backed by the full faith and credit of the United States Government or fully insured in writing by the United States Government, or money market funds rated Aaa and AAA, respectively, by Xxxxx’x Investor Services and Standard and Poor’s, invested substantially in such instruments, and shall reinvest any income from these instruments and the proceeds of these instruments as they mature in similar instruments at their then-current market rates. 3.4 The Escrow Agent shall not disburse the Settlement Fund except as provided in the Stipulation or by an order of the Court. 3.5 Subject to further order and/or direction as may be made by the Court, the Escrow Agent is authorized to execute such transactions on behalf of the Class Members as are consistent with the terms of the Stipulation. 3.6 All funds held by the Escrow Agent shall be deemed and considered to be in custodia legis of the Court, and shall remain subject to the jurisdiction of the Court, until such time as such funds shall be distributed pursuant to the Stipulation and/or further order(s) of the Court. 3.7 Within five (5) business days after payment of the Settlement Fund to the Escrow Agent pursuant to ¶ 3.1 hereof, the Escrow Agent may establish a “Class Notice and Administration Fund,” and may deposit up to $250,000 from the Settlement Fund in it. The Class Notice and Administration Fund may be used by Lead Counsel to pay costs and expenses reasonably and actually incurred in connection with providing notice to the Class, locating Class Members, administering and distributing the Settlement Fund to Class Members, and paying escrow fees and costs, if any, and no Defendant or any of their Related Parties shall have any responsibility for or liability to any Class Member or any other Person with respect to any of these costs, expenses, fees, or acts. The Class Notice and Administration Fund may also be invested and earn interest as provided for in ¶ 3.3 of this Stipulation. Defendants or their Related Parties have no responsibility for or liability to any Class Member, their Related Parties, or any other Person with respect to the Escrow Agent or its actions or the Class Notice and Administration Fund. Any costs or expenses expended for notice or administration in excess of $250,000 shall be paid from the Settlement Fund, subject to approval of Lead Counsel. After the Effective Date, any balance (including interest) then remaining in the Notice and Administration Fund, less expenses incurred but not yet paid, may be transferred by the Escrow Agent, and deposited and credited as part of, the Settlement Fund.
Appears in 2 contracts
Samples: Stipulation and Settlement Agreement, Stipulation and Settlement Agreement
The Escrow Agent. 3.3 The Escrow Account will be established at Huntington National Bank, with such Bank serving as escrow agent (“Escrow Agent”), subject to escrow instructions mutually acceptable to Plaintiff’s Lead Counsel and Defendants, such escrow to be administered under the Court’s continuing supervision and control. 2.3 The Escrow Agent shall cause invest the funds Settlement Amount deposited pursuant to ¶ 3.1 ¶2.1 hereof in the Escrow Account to be invested in short-term United States Agency or Treasury Securities or other instruments backed by the full faith and credit Full Faith & Credit of the United States Government or an Agency thereof, or fully insured in writing by the United States Government, Government or money market funds rated Aaa and AAA, respectively, by Xxxxx’x Investor Services and Standard and Poor’s, invested substantially in such instruments, an Agency thereof and shall reinvest any income from these instruments and the proceeds of these instruments as they mature in similar instruments at their then-current market rates.
3.4 . All risks related to the investment of the Settlement Fund in accordance with the investment guidelines set forth in this paragraph shall be borne by the Settlement Fund and the Released Persons shall have no responsibility for, interest in, or liability whatsoever with respect to investment decisions or the actions of the Escrow Agent, or any transactions executed by the Escrow Agent. The Settlement Fund shall indemnify and hold each of the Released Persons and their counsel harmless for the actions of the Escrow Agent. The Escrow Agent shall not disburse the Settlement Fund except as provided in the Stipulation or Stipulation, by an order of the Court, or with the written agreement of counsel for Defendants.
3.5 2.4 Subject to further order order(s) and/or direction directions as may be made by the Court, or as provided in the Stipulation, the Escrow Agent is authorized to execute such transactions on behalf of the Class Members as are consistent with the terms of the Stipulation.
3.6 . The Released Persons shall have no responsibility for, interest in, or liability whatsoever with respect to the actions of the Escrow Agent, or any transaction executed by the Escrow Agent. All funds held by the Escrow Agent shall be deemed and considered to be in custodia legis of the Court, and shall remain subject to the jurisdiction of the Court, until such time as such funds shall be distributed pursuant to the Stipulation and/or further order(s) of the Court. The Settlement Fund shall indemnify and hold each of the Released Persons and their counsel harmless for any transaction executed by the Escrow Agent.
3.7 Within five (5) business days after payment of the 2.5 The Settlement Fund to the Escrow Agent pursuant to ¶ 3.1 hereof, the Escrow Agent may establish a “Class Notice and Administration Fund,” and may deposit up to $250,000 from the Settlement Fund in it. The Class Notice and Administration Fund may be used by Lead Counsel to pay reasonable costs and expenses reasonably and actually incurred in connection with providing notice to the Class, locating Class Members, soliciting claims, assisting with the submission of claims, processing Proof of Claim and Release forms, administering and distributing the Net Settlement Fund to Class MembersAuthorized Claimants, and paying escrow fees and costs, if anyany (“Notice and Administration Expenses”).
2.6 It shall be Lead Counsel’s sole responsibility to disseminate the Notice (as defined below) and summary notice to the Class in accordance with this Stipulation and as ordered by the Court. Defendants shall not bear any cost or responsibility for class notice, and no Defendant administration, or any the allocation of their Related Parties the Net Settlement Fund among Authorized Claimants. Class Members shall have any responsibility for or liability no recourse as to any Class Member or any other Person the Released Persons with respect to any claims they may have that arise from any failure of these costs, expenses, fees, or actsthe notice process. The Class Settlement Fund shall indemnify and hold each of the Released Persons and their counsel harmless for any Notice and Administration Fund may also be invested and earn interest as provided for in ¶ 3.3 of this Stipulation. Defendants or their Related Parties have no responsibility for or liability to any Class Member, their Related Parties, or any other Person with respect to the Escrow Agent or its actions or the Class Notice and Administration Fund. Any costs or expenses expended for notice or administration in excess of $250,000 shall be paid from the Settlement Fund, subject to approval of Lead Counsel. After the Effective Date, any balance (including interest) then remaining in the Notice and Administration Fund, less expenses incurred but not yet paid, may be transferred by the Escrow Agent, and deposited and credited as part of, the Settlement FundExpenses.
Appears in 2 contracts
Samples: Settlement Agreement, Settlement Agreement
The Escrow Agent. 3.3 The Escrow Account will be established at Huntington National Bank, with such Bank serving as escrow agent (“Escrow Agent”), subject to escrow instructions mutually acceptable to Plaintiff’s Lead Counsel and Defendants, such escrow to be administered under the Court’s continuing supervision and control. 2.3 The Escrow Agent shall cause invest the funds Settlement Fund deposited pursuant to ¶ 3.1 ¶2.1 hereof in the Escrow Account to be invested in short-term instruments backed by the full faith and credit of the United States Government or fully insured in writing by the United States Government, Government or money market funds rated Aaa and AAA, respectively, by Xxxxx’x Investor Services and Standard and Poor’s, invested substantially in such instruments, an agency thereof and shall reinvest any income from these instruments and the proceeds of these instruments as they mature in similar instruments at their then-current market rates. All costs and risks related to the investment of the Settlement Fund in accordance with the guidelines set forth in this paragraph shall be borne by the Settlement Fund.
3.4 2.4 The Escrow Agent shall not disburse the Settlement Fund except (a) as provided in the Stipulation or Stipulation, (b) by an order of the Court, or (c) with the written agreement of counsel for the Settling Parties.
3.5 2.5 Subject to further order order(s) and/or direction directions as may be made by the Court, or as provided in the Stipulation, the Escrow Agent is authorized to execute such transactions on behalf of the Class Members as are consistent with the terms of the Stipulation. The Released Persons shall have no responsibility for, interest in, or liability whatsoever with respect to, the actions of the Escrow Agent, or any transaction executed by the Escrow Agent.
3.6 2.6 All funds held by the Escrow Agent shall be deemed and considered to be in custodia legis of the Court, and shall remain subject to the jurisdiction of the Court, until such time as such funds shall be distributed pursuant to the Stipulation and/or further order(s) of the Court.
3.7 Within five (5) business days after payment 2.7 Prior to the Effective Date, the Escrow Agent, without further approval of Defendants or the Court, may pay from the Settlement Fund to the Escrow Agent pursuant to ¶ 3.1 hereof, the Escrow Agent may establish a notice and administration costs (“Class Notice and Administration Fund,” Costs”) associated with the administration of the Settlement, including, without limitation: the cost of identifying and may deposit up to $250,000 from the Settlement Fund in it. The Class Notice and Administration Fund may be used by Lead Counsel to pay costs and expenses reasonably and actually incurred in connection with providing notice to locating members of the Class, locating mailing the Notice of Pendency and Proposed Settlement of Class MembersAction (the “Notice”) and Proof of Claim and Release and publishing notice (such amount shall include, without limitation, the actual costs of publication, printing and mailing the Notice, and reimbursement to nominee owners for forwarding notice to their beneficial owners), soliciting Class claims, assisting with the filing of claims, administering and distributing the Net Settlement Fund to Class MembersAuthorized Claimants, processing Proof of Claim and Release forms, and paying escrow fees and costs, if any, and no Defendant or any of their Related Parties shall have any responsibility for or liability to any Class Member or any other Person with respect to any of these costs, expenses, fees, or acts. The Class Notice and Administration Fund may also be invested and earn interest as provided for in ¶ 3.3 of this Stipulation. Defendants or their Related Parties have no responsibility for or liability to any Class Member, their Related Parties, or any other Person with respect to the Escrow Agent or its actions or the Class Notice and Administration Fund. Any costs or expenses expended for notice or administration in excess of $250,000 shall be paid from the Settlement Fund, subject to approval of Lead Counsel. After the Effective Date, any balance (including interest) then remaining in the Notice and Administration Fund, less administrative expenses incurred but not yet paid, may be transferred and fees charged by the Escrow Agent, Claims Administrator in connection with providing notice and deposited and credited as part of, processing the Settlement Fundsubmitted claims.
Appears in 2 contracts
Samples: Settlement Agreement, Settlement Agreement
The Escrow Agent. 3.3 The Escrow Account will be established at Huntington National Bank, with such Bank serving as escrow agent (“Escrow Agent”), subject to escrow instructions mutually acceptable to Plaintiff’s Lead Counsel and Defendants, such escrow to be administered under the Court’s continuing supervision and control. 2.5 The Escrow Agent shall cause invest the funds Settlement Amount deposited pursuant to ¶ 3.1 ¶2.1 hereof in the Escrow Account to be invested in short-term United States Agency or Treasury Securities or other instruments backed by the full faith and credit Full Faith & Credit of the United States Government or an Agency thereof, or fully insured in writing by the United States Government, Government or money market funds rated Aaa and AAA, respectively, by Xxxxx’x Investor Services and Standard and Poor’s, invested substantially in such instruments, an Agency thereof and shall reinvest any income from these instruments and the proceeds of these instruments as they mature in similar instruments at their then-current market rates. All risks related to the investment of the Settlement Fund shall be borne by the Settlement Fund. The Released Persons shall have no responsibility for, interest in, or liability whatsoever with respect to the investment decisions or the actions of the Escrow Agent, or any transactions executed by the Escrow Agent.
3.4 2.6 The Escrow Agent shall not disburse the Settlement Fund Fund, or any portion thereof, except as provided in the Stipulation or Stipulation, by an order of the Court, or with the written agreement of Lead Counsel and the Settling Defendants’ Counsel.
3.5 2.7 Subject to further order order(s) and/or direction directions as may be made by the Court, the Escrow Agent is authorized to execute such transactions on behalf of the Class Members as are consistent with the terms of the Stipulation. The Released Persons shall have no responsibility for, interest in, or liability whatsoever with respect to the actions of the Escrow Agent, or the monies maintained in the Escrow Account, including, without limitation, any responsibility or liability related to any fees, Taxes, investment decisions, maintenance, supervision, or distributions of any portion of the Settlement Fund.
3.6 2.8 All funds held by the Escrow Agent shall be deemed and considered to be in custodia legis of the Court, and shall remain subject to the jurisdiction of the Court, until such time as such funds shall be distributed pursuant to the Stipulation and/or further order(s) of the Court.
3.7 Within five (5) business days after payment of 2.9 Notwithstanding the Settlement Fund to fact that the Escrow Agent pursuant to ¶ 3.1 hereofEffective Date has not yet occurred, the Escrow Agent Lead Counsel may establish a “Class Notice and Administration Fund,” and may deposit up to $250,000 pay from the Settlement Fund in it. The Class the Notice and Administration Fund may be used by Lead Counsel to pay costs and expenses Expenses reasonably and actually incurred. If the Settlement is not approved by the Court or the Settlement is terminated, canceled, or the Effective Date otherwise does not occur, any money paid or incurred in connection with providing notice for the above purposes shall not be returned or repaid to the ClassSettling Defendants or their insurers. Subject to ¶2.11 below, locating Class Membersthe Settling Defendants are not responsible for, and shall not be liable for, any Notice and Administration Expenses, administering and distributing the Settlement Fund to Class MembersSettlement, and paying Taxes, Tax Expenses, and escrow fees and costs, if any, and no Defendant or any of their Related Parties shall have any responsibility for or liability to any Class Member or any other Person with respect to any of these costs, expenses, fees, or acts. The Class Notice and Administration Fund may also be invested and earn interest as provided for in ¶ 3.3 of this Stipulation. Defendants or their Related Parties have no responsibility for or liability to any Class Member, their Related Parties, or any other Person with respect to the Escrow Agent or its actions or the Class Notice and Administration Fund. Any costs or expenses expended for notice or administration in excess of $250,000 shall be paid from the Settlement Fund, subject to approval of Lead Counsel. After the Effective Date, any balance (including interest) then remaining in the Notice and Administration Fund, less expenses incurred but not yet paid, may be transferred by the Escrow Agent, and deposited and credited as part of, the Settlement Fund.
Appears in 2 contracts
Samples: Settlement Agreement, Settlement Agreement
The Escrow Agent. 3.3 The Escrow Account will be established at Huntington National Bank, with such Bank serving as escrow agent (“Escrow Agent”), subject to escrow instructions mutually acceptable to Plaintiff’s Lead Counsel and Defendants, such escrow to be administered under the Court’s continuing supervision and control. 2.5 The Escrow Agent shall cause invest the funds Settlement Fund deposited pursuant to ¶ 3.1 ¶2.1 hereof in the Escrow Account to be invested in short-term instruments backed by the full faith and credit of the United States Government or fully insured in writing by the United States Government, Government or money market funds rated Aaa and AAA, respectively, by Xxxxx’x Investor Services and Standard and Poor’s, invested substantially in such instruments, an agency thereof and shall reinvest any income from these instruments and the proceeds of these instruments as they mature in similar instruments at their then-current market rates. All costs and risks related to the investment of the Settlement Fund shall be borne entirely by the Settlement Fund and shall not be borne in any way by any of the Released Persons.
3.4 2.6 The Escrow Agent shall not disburse the Settlement Fund except except: (i) as provided in the Stipulation Stipulation; or (ii) by an order of the Court.
3.5 2.7 Subject to further order order(s) and/or direction directions as may be made by the Court, or as provided in the Stipulation, the Escrow Agent is authorized to execute such transactions on behalf of the Class Members as are consistent with provided for under the terms of the Stipulation. The Released Persons shall have no responsibility for, interest in, or liability whatsoever with respect to, the actions of the Escrow Agent, or any transaction executed by the Escrow Agent.
3.6 2.8 All funds held by the Escrow Agent shall be deemed and considered to be in custodia legis of the Court, and shall remain subject to the jurisdiction of the Court, until such time as such funds shall be distributed pursuant to the Stipulation and/or further order(s) of the Court.
3.7 Within five (5) business days after payment of the Settlement Fund 2.9 Prior to the Escrow Agent pursuant to ¶ 3.1 hereofEffective Date, Lead Counsel, without further approval of Defendants or the Escrow Agent Court, may establish a “Class Notice and Administration Fund,” and may deposit up to $250,000 pay from the Settlement Fund in it. The Class reasonable costs of notice and settlement administration (“Notice and Administration Fund may be used by Lead Counsel to pay Costs”) associated with the administration of the Settlement, which costs shall not exceed $750,000. Such Notice and expenses reasonably Administration Costs include, without limitation: the cost of identifying and actually incurred in connection with providing notice to locating members of the Class, locating mailing the Notice of Proposed Settlement of Class MembersAction (the “Notice”) and Proof of Claim and Release and publishing notice (such amount shall include, without limitation, the actual costs of publication, printing and mailing the Notice, and reimbursement to nominee owners of the reasonable costs of identifying and forwarding notice to their beneficial owners), soliciting Class claims, assisting with the filing of claims, administering and distributing the Net Settlement Fund to Class MembersAuthorized Claimants, processing Proof of Claim and Release forms, and paying escrow bank fees and costs, if any, and no Defendant or any of their Related Parties shall have any responsibility for or liability to any Class Member or any other Person with respect to any of these costs, expenses, fees, or acts. The Class Notice and Administration Fund may also be invested and earn interest as provided for in ¶ 3.3 of this Stipulation. Defendants or their Related Parties have no responsibility for or liability to any Class Member, their Related Parties, or any other Person with respect to the Escrow Agent or its actions or the Class Notice and Administration Fund. Any costs or expenses expended for notice or administration in excess of $250,000 shall be paid from the Settlement Fund, subject to approval of Lead Counsel. After the Effective Date, any balance (including interest) then remaining in the Notice and Administration Fund, less administrative expenses incurred but not yet paid, may be transferred and fees charged by the Escrow Agent, Claims Administrator in connection with providing notice and deposited and credited as part of, processing the Settlement Fundsubmitted claims.
Appears in 2 contracts
Samples: Settlement Agreement, Settlement Agreement
The Escrow Agent. 3.3 The Escrow Account will be established at Huntington National Bank, with such Bank serving as escrow agent (“Escrow Agent”), subject to escrow instructions mutually acceptable to Plaintiff’s Lead Counsel and Defendants, such escrow to be administered under the Court’s continuing supervision and control. 3.1 The Escrow Agent shall cause invest the funds Settlement Amount deposited pursuant to ¶ 3.1 ¶2.1 hereof in the Escrow Account to be invested in short-term United States Agency or Treasury Securities or other instruments backed by the full faith and credit Full Faith & Credit of the United States Government or an Agency thereof, or fully insured in writing by the United States Government, Government or money market funds rated Aaa and AAA, respectively, by Xxxxx’x Investor Services and Standard and Poor’s, invested substantially in such instruments, an Agency thereof and shall reinvest any income from these instruments and the proceeds of these instruments as they mature in similar instruments at their then-current market rates. All risks related to the investment of the Settlement Fund in accordance with the investment guidelines set forth in this paragraph shall be borne by the Settlement Fund and the Released Persons shall have no responsibility for, interest in, or liability whatsoever with respect to investment decisions or the actions of the Escrow Agent, or any transactions executed by the Escrow Agent.
3.4 3.2 The Escrow Agent shall not disburse the Settlement Fund except as provided in the Stipulation or Settlement Agreement, by an order of the Court, or with the written agreement of counsel for Defendant.
3.5 3.3 Subject to further order order(s) and/or direction directions as may be made by the Court, or as provided in the Settlement Agreement, the Escrow Agent is authorized to execute such transactions on behalf of the Class Members as are consistent with the terms of the StipulationSettlement Agreement. The Released Persons shall have no responsibility for, interest in, or liability whatsoever with respect to the actions of the Escrow Agent, or any transaction executed by the Escrow Agent.
3.6 3.4 All funds held by the Escrow Agent shall be deemed and considered to be in custodia legis of the Court, and shall remain subject to the jurisdiction of the Court, until such time as such funds shall be distributed pursuant to the Stipulation Settlement Agreement and/or further order(s) of the Court.
3.7 Within five (5) business days after payment 3.5 Prior to the Effective Date and without further order of the Settlement Fund to the Escrow Agent pursuant to ¶ 3.1 hereofCourt, the Escrow Agent may establish a “Class Notice and Administration Fund,” and may deposit up to $250,000 from of the Settlement Fund in it. The Class Notice and Administration Fund may be used by Lead Class Counsel to pay costs and expenses reasonably and actually incurred in connection with providing notice to the Class, locating Class Members, administering and distributing the Settlement Fund to Class Members, and paying escrow fees and costs, if any, and no Defendant or any of their Related Parties shall have any responsibility for or liability to any Class Member or any other Person with respect to any of these costs, expenses, fees, or acts. The Class Notice and Administration Fund may also be invested and earn interest as provided for in ¶ 3.3 of this Stipulation. Defendants or their Related Parties have no responsibility for or liability to any Class Member, their Related Parties, or any other Person with respect to the Escrow Agent or its actions or the Class Notice and Administration Fund. Any costs or expenses expended for notice or administration in excess of $250,000 shall be paid from the Settlement Fund, subject to approval of Lead CounselCosts. After the Effective Date, any balance (including interest) then remaining in the Class Counsel may pay all further reasonable Notice and Administration FundCosts, less expenses incurred but not yet paidregardless of amount, may without further order of the Court.
3.6 It shall be transferred Class Counsel’s sole responsibility to disseminate the Notice to the Class in accordance with this Settlement Agreement and as ordered by the Escrow AgentCourt, and deposited and credited to respond to all inquiries from Class Members related thereto. Class Members shall have no recourse as part of, to the Settlement FundReleased Persons with respect to any claims they may have that arise from any failure of the notice process.
Appears in 1 contract
Samples: Class Action Settlement Agreement
The Escrow Agent. 3.3 The Escrow Account will be established at Huntington National Bank, with such Bank serving as escrow agent (“Escrow Agent”), subject to escrow instructions mutually acceptable to Plaintiff’s Lead Counsel and Defendants, such escrow to be administered under the Court’s continuing supervision and control. 2.5 The Escrow Agent shall cause invest the funds Settlement Amount deposited pursuant to ¶ 3.1 ¶2.1 hereof in the Escrow Account to be invested in short-term United States Agency or Treasury Securities or other instruments backed by the full faith and credit Full Faith & Credit of the United States Government or an Agency thereof, or fully insured in writing by the United States Government, Government or money market funds rated Aaa and AAA, respectively, by Xxxxx’x Investor Services and Standard and Poor’s, invested substantially in such instruments, an Agency thereof and shall reinvest any income from these instruments and the proceeds of these instruments as they mature in similar instruments at their then-current market rates. All risks related to the investment of the Settlement Fund shall be borne by the Settlement Fund. The Released Persons shall have no responsibility for, interest in, or liability whatsoever with respect to the investment decisions or the actions of the Escrow Agent, or any transactions executed by the Escrow Agent.
3.4 2.6 The Escrow Agent shall not disburse the Settlement Fund Fund, or any portion thereof, except as provided in the Stipulation or Stipulation, by an order of the Court, or with the written agreement of Lead Counsel and the Settling Defendants’ Counsel.
3.5 2.7 Subject to further order order(s) and/or direction directions as may be made by the Court, the Escrow Agent is authorized to execute such transactions on behalf of the Class Members as are consistent with the terms of the Stipulation.. The Released Persons shall have no responsibility for, interest in, or liability whatsoever with respect to the actions of the Escrow Agent, or the monies maintained in the Escrow Account, including, without limitation, any responsibility or liability related to any fees, Taxes, investment decisions, maintenance, supervision, or distributions of any portion of the Settlement Fund..
3.6 2.8 All funds held by the Escrow Agent shall be deemed and considered to be in custodia legis of the Court, and shall remain subject to the jurisdiction of the Court, until such time as such funds shall be distributed pursuant to the Stipulation and/or further order(s) of the Court.
3.7 Within five (5) business days after payment of 2.9 Notwithstanding the Settlement Fund to fact that the Escrow Agent pursuant to ¶ 3.1 hereofEffective Date has not yet occurred, the Escrow Agent Lead Counsel may establish a “Class Notice and Administration Fund,” and may deposit up to $250,000 pay from the Settlement Fund in it. The Class the Notice and Administration Fund may be used by Lead Counsel to pay costs and expenses Expenses reasonably and actually incurred. If the Settlement is not approved by the Court or the Settlement is terminated, canceled, or the Effective Date otherwise does not occur, any money paid or incurred in connection with providing notice for the above purposes shall not be returned or repaid to the ClassSettling Defendants or their insurers. Subject to ¶2.10 below, locating Class Membersthe Settling Defendants are not responsible for, and shall not be liable for, any Notice and Administration Expenses, administering and distributing the Settlement Fund to Class MembersSettlement, and paying Taxes, Tax Expenses, and escrow fees and costs, if any, and no Defendant or any of their Related Parties shall have any responsibility for or liability to any Class Member or any other Person with respect to any of these costs, expenses, fees, or acts. The Class Notice and Administration Fund may also be invested and earn interest as provided for in ¶ 3.3 of this Stipulation. Defendants or their Related Parties have no responsibility for or liability to any Class Member, their Related Parties, or any other Person with respect to the Escrow Agent or its actions or the Class Notice and Administration Fund. Any costs or expenses expended for notice or administration in excess of $250,000 shall be paid from the Settlement Fund, subject to approval of Lead Counsel. After the Effective Date, any balance (including interest) then remaining in the Notice and Administration Fund, less expenses incurred but not yet paid, may be transferred by the Escrow Agent, and deposited and credited as part of, the Settlement Fund.
Appears in 1 contract
Samples: Settlement Agreement
The Escrow Agent. 3.3 The 2.7 Except as provided herein or pursuant to orders of the Court, the Net Settlement Fund shall remain in the Escrow Account will be established at Huntington National Bank, with such Bank serving as escrow agent (“Escrow Agent”), subject prior to escrow instructions mutually acceptable to Plaintiff’s Lead Counsel and Defendants, such escrow to be administered under the Court’s continuing supervision and controlEffective Date. The Escrow Agent shall cause invest the funds Settlement Amount deposited pursuant to ¶ 3.1 ¶2.2 hereof in the Escrow Account to be invested in short-term United States Agency or Treasury Securities or other instruments backed by the full faith and credit Full Faith & Credit of the United States Government or an Agency thereof, or fully insured in writing by the United States Government, Government or money market funds rated Aaa and AAA, respectively, by Xxxxx’x Investor Services and Standard and Poor’s, invested substantially in such instruments, an Agency thereof and shall reinvest any income from these instruments and the proceeds of these instruments as they mature in similar instruments at their then-current market rates. All risks related to the investment of the Settlement Fund in accordance with the investment guidelines set forth in this paragraph shall be borne by the Settlement Fund, and the Released Defendant Parties shall have no responsibility for, interest in, or liability whatsoever with respect to investment decisions or the actions of the Escrow Agent, or any transactions executed by the Escrow Agent. The Escrow Agent, through the Settlement Fund, shall indemnify and hold each of the Released Defendant Parties and their counsel harmless for the actions of the Escrow Agent.
3.4 2.8 The Escrow Agent shall not disburse the Settlement Fund except as provided in the Stipulation this Stipulation, or by an order of the Court.
3.5 2.9 Subject to further order order(s) and/or direction directions as may be made by the Court, or as provided in this Stipulation, the Escrow Agent is authorized to execute such transactions on behalf of the Class Members as are consistent with the terms of this Stipulation. The Released Defendant Parties shall have no responsibility for, interest in, or liability whatsoever with respect to the Stipulationactions of the Escrow Agent, or any transaction executed by the Escrow Agent. The Escrow Agent, through the Settlement Fund, shall indemnify and hold each of the Released Defendant Parties and their counsel harmless for any transaction executed by the Escrow Agent.
3.6 2.10 All funds held by the Escrow Agent shall be deemed and considered to be in custodia legis the custody of the Court, and shall remain subject to the jurisdiction of the Court, until such time as such funds shall be distributed or returned pursuant to the this Stipulation and/or further order(s) of the Court.
3.7 Within five (5) business days after payment 2.11 Notwithstanding the fact that the Effective Date of the Settlement Fund to the Escrow Agent pursuant to ¶ 3.1 hereofhas not yet occurred, the Escrow Agent Lead Counsel may establish a “Class Notice and Administration Fund,” and may deposit up to $250,000 pay from the Settlement Fund in it. The Class Notice and Administration Fund may be used by Lead Counsel to pay Fund, without further approval from Defendants and/or order of the Court, reasonable costs and expenses reasonably (paid from and not to exceed the $350,000 paid by Graña y Xxxxxxx pursuant to ¶2.2 hereof) actually incurred in connection with providing notice to of the ClassSettlement by mail, publication, and other means, locating potential Settlement Class Members, assisting with the submission of Claims, processing Proof of Claim and Release forms, administering and distributing the Settlement Fund to Class MembersSettlement, and paying escrow taxes, fees and costs, if any, and no Defendant or any of their Related Parties shall have any responsibility for or liability to any Class Member or any other Person with respect to any of these costs, expenses, fees, or acts. The Class (“Notice and Administration Fund Expenses”). After the Effective Date, Notice and Administration Expenses may also be invested and earn interest paid as provided for in ¶ 3.3 incurred, without approval of this Stipulation. Defendants or their Related further order of the Court.
2.12 It shall be Lead Counsel’s responsibility to disseminate the Notice, Proof of Claim and Release, and Summary Notice to potential Settlement Class Members in accordance with this Stipulation and as ordered by the Court. The Released Defendant Parties shall have no responsibility for or liability to any Class Member, their Related Parties, or any other Person whatsoever with respect to the Escrow Agent or its actions or the Class Notice and Administration FundExpenses, nor shall they have any responsibility or liability whatsoever for any claims with respect thereto. Any costs or expenses expended for notice or administration in excess of $250,000 shall be paid from The Escrow Agent through the Settlement Fund, subject to approval shall indemnify and hold each of Lead Counsel. After the Effective Date, Released Defendant Parties and their counsel harmless for any balance (including interest) then remaining in the Notice and Administration Fund, less expenses incurred but not yet paid, may be transferred by the Escrow Agent, and deposited and credited as part of, the Settlement FundExpenses.
Appears in 1 contract
The Escrow Agent. 3.3 The Escrow Account will be established at Huntington National Bank, with such Bank serving as escrow agent (“Escrow Agent”), subject to escrow instructions mutually acceptable to Plaintiff’s Lead Counsel and Defendants, such escrow to be administered under the Court’s continuing supervision and control. 2.3 The Escrow Agent shall cause invest the funds Settlement Amount deposited pursuant to ¶ 3.1 ¶2.1 hereof in the Escrow Account to be invested in short-term instruments backed by the full faith and credit of the United States Government or fully insured in writing by the United States Government, Government or money market funds rated Aaa and AAA, respectively, by Xxxxx’x Investor Services and Standard and Poor’s, invested substantially in such instruments, an agency thereof and shall reinvest any income from these instruments and the proceeds of these instruments as they mature in similar instruments at their then-current market rates. The Settlement Fund shall bear all risks related to the investments of the Settlement Amount.
3.4 2.4 The Escrow Agent shall not disburse the Settlement Fund except as provided in the Stipulation or this Stipulation, by an order of the Court, or with the written agreement of Lead Counsel and Defendants’ counsel.
3.5 2.5 Subject to further order and/or direction as may be made by the Court, the Escrow Agent is authorized to execute such transactions on behalf of the Class Members as are consistent with the terms of the Stipulation.
3.6 2.6 All funds held by the Escrow Agent shall be deemed and considered to be in custodia legis of the Court, and shall remain subject to the jurisdiction of the Court, until such time as such funds shall be distributed pursuant to the this Stipulation and/or further order(s) of the Court.
3.7 Within five (5) business days after payment of 2.7 Notwithstanding the Settlement Fund to fact that the Escrow Agent pursuant to ¶ 3.1 hereofEffective Date has not yet occurred, the Escrow Agent Lead Counsel may establish a “Class Notice and Administration Fund,” and may deposit up to $250,000 pay from the Settlement Fund in it. The Class Notice and Administration Fund may be used by Lead Counsel to pay the costs and expenses reasonably and actually incurred in connection with providing notice to the Settlement Class, locating Settlement Class Members, administering and distributing the Net Settlement Fund to Authorized Claimants and processing Proofs of Claim. In the event that the Settlement does not become Final, any money paid or incurred for the above purposes, including any related fees, shall not be returned or repaid to Defendants or their insurers. Subject to ¶¶2.9 and 6.1 below, Defendants are not responsible for, and shall not be liable for, any costs incurred in connection with providing notice to the Settlement Class, locating Settlement Class Members, administering and distributing the Settlement Fund to Class Members, and paying escrow fees and costs, if any, and no Defendant or any of their Related Parties shall have any responsibility for or liability to any Class Member or any other Person with respect to any of these costs, expenses, feesFund, or acts. The Class Notice and Administration Fund may also be invested and earn interest as provided for in ¶ 3.3 processing Proofs of this Stipulation. Defendants or their Related Parties have no responsibility for or liability to any Class Member, their Related Parties, or any other Person with respect to the Escrow Agent or its actions or the Class Notice and Administration Fund. Any costs or expenses expended for notice or administration in excess of $250,000 shall be paid from the Settlement Fund, subject to approval of Lead Counsel. After the Effective Date, any balance (including interest) then remaining in the Notice and Administration Fund, less expenses incurred but not yet paid, may be transferred by the Escrow Agent, and deposited and credited as part of, the Settlement FundClaim.
Appears in 1 contract
Samples: Class Action Settlement Agreement
The Escrow Agent. 3.3 The Escrow Account will be established at Huntington National Bank, with such Bank serving as escrow agent (“Escrow Agent”), subject to escrow instructions mutually acceptable to Plaintiff’s Lead Counsel and Defendants, such escrow to be administered under the Court’s continuing supervision and control. 2.2 The Escrow Agent shall cause invest the funds Settlement Fund deposited pursuant to ¶ 3.1 ¶2.1 hereof in the Escrow Account to be invested in short-term instruments backed by the full faith and credit of the United States Government or fully insured in writing by the United States Government, Government or money market funds rated Aaa and AAA, respectively, by Xxxxx’x Investor Services and Standard and Poor’s, invested substantially in such instruments, an agency thereof and shall reinvest any income from these instruments and the proceeds of these instruments as they mature in similar instruments at their then-current market rates. All costs and risks related to the investment of the Settlement Fund in accordance with the guidelines set forth in this paragraph shall be borne by the Settlement Fund. The Escrow Agent xxxxxx accepts all fiduciary and other obligations of an escrow agent, including, but not limited to, the duty to safeguard the funds held in escrow and the duty to release any funds in a manner consistent with this Settlement Agreement and as approved by the Court.
3.4 2.3 The Escrow Agent shall not disburse the Settlement Fund except (a) as provided in the Stipulation Stipulation, or (b) by an order of the Court.
3.5 2.4 Subject to further order order(s) and/or direction directions as may be made by the Court, or as provided in the Stipulation, the Escrow Agent is authorized to execute such transactions on behalf of the Class Members as are consistent with the terms of the Stipulation. The Released Persons shall have no responsibility for, interest in, or liability whatsoever with respect to, the actions of the Escrow Agent, or any transaction executed by the Escrow Agent. The Escrow Agent agrees to indemnify Defendants and their insurance carriers for any claims by Class Members regarding the selection of Xxxxxxx Xxxxxx Xxxxxx & Xxxx LLP as the Escrow Agent, the Escrow Agent’s performance of its duties, or the distribution of the Settlement Fund.
3.6 2.5 All funds held by the Escrow Agent shall be deemed and considered to be in custodia legis of the Court, and shall remain subject to the jurisdiction of the Court, until such time as such funds shall be distributed pursuant to the Stipulation and/or further order(s) of the Court.
3.7 Within five (5) business days after payment of the Settlement Fund 2.6 Prior to the Escrow Agent pursuant to ¶ 3.1 hereofEffective Date, the Escrow Agent Agent, without further approval of Defendants or the Court, may establish a “Class Notice and Administration Fund,” and may deposit up to $250,000 pay from the Settlement Fund up to $500,000.00 in it. The Class Notice notice and Administration Fund may be used by Lead Counsel to pay administration costs associated with the administration of the Settlement, including, without limitation: the cost of identifying and expenses reasonably and actually incurred in connection with providing notice to locating members of the Class, locating mailing the Notice of Pendency of Class MembersAction and Proposed Settlement, Motion for Attorneys’ Fees and Settlement Fairness Hearing (the “Notice”) and Proof of Claim and Release and publishing notice (such amount shall include, without limitation, the actual costs of publication, printing and mailing the Notice, and reimbursement to nominee owners for forwarding notice to their beneficial owners), soliciting Class claims, assisting with the filing of claims, administering and distributing the Net Settlement Fund to Class MembersAuthorized Claimants, processing Proof of Claim and Release forms, and paying escrow fees and costs, if any, and no Defendant or any of their Related Parties shall have any responsibility for or liability to any Class Member or any other Person the administrative expenses incurred and fees charged by the Claims Administrator in connection with respect to any of these costs, expenses, fees, or acts. The providing notice and processing the submitted claims (“Class Notice and Administration Fund may also be invested and earn interest as provided for in ¶ 3.3 of this StipulationCosts”). Defendants or their Related Parties have no responsibility for or liability to any Class Member, their Related Parties, or any other Person with respect Prior to the Escrow Agent or its actions or the Effective Date, payment of any Class Notice and Administration FundCosts exceeding $500,000.00 shall require approval by the Court. Any costs Subsequent to the Effective Date, without further approval by Defendants or expenses expended for notice or administration the Court, the Settlement Fund may be used by Lead Counsel to pay reasonable and necessary Class Notice and Administration Costs in excess of $250,000 shall be paid from the Settlement Fund, subject to approval of Lead Counsel. After the Effective Date, any balance (including interest) then remaining in the Notice and Administration Fund, less expenses incurred but not yet paid, may be transferred by the Escrow Agent, and deposited and credited as part of, the Settlement Fund500,000.00.
Appears in 1 contract
Samples: Settlement Agreement