The Need for Settlement of the REP Litigation Sample Clauses

The Need for Settlement of the REP Litigation. ‌ As summarized above, there is extensive litigation pending in the Ninth Circuit on issues related to BPA’s establishment of its power rates and BPA’s implementation of the REP from FY 2002 to the present. By the release date of this ROD, there are 56 petitions before the Ninth Circuit challenging virtually every aspect of BPA’s Lookback and section 7(b)(2) decisions. Xxxxxxxx et al., REP-12-E-BPA-13, at 4; see also Xxxxxx and Xxxxxxxxx, XXX-00-X-XX00-00, at 3. This litigation creates significant uncertainty for BPA and its customers regarding both retrospective and prospective wholesale power rate levels and REP benefits. Furthermore, the scope of these challenges spans a decade of BPA ratemaking, from FY 2002–2011. Xxxxxxxx et al., REP-12-E- BPA-13, at 4. A remand by the Court of a substantive issue in any of the pending Ninth Circuit cases could result in BPA having to once again revise rates from prior periods to conform to the Court’s opinion. Id. The disruption that the pending litigation poses to BPA and the region is substantial. As things stand now, not a single COU or IOU ratepayer of BPA knows whether or not the rates it has paid, the REP benefits it has distributed to its consumers, or the refunds it has received over the past 10 years are lawful. Id. To put this in perspective, by the end of FY 2011, BPA will have paid $587 million in refund payments to the COUs and $637 million in REP benefits to the IOUs during FY 2007–2011. FY 2012–2013 Lookback Recovery and Return Study, REP-12-E- BPA-03, at 6, 16, line 76 (sum of columns D, E, and F plus $110.4 million paid to IOUs pursuant to the 2008 Residential Exchange Interim Relief and Standstill Agreements). Every single one of these dollars is potentially subject to being reclaimed by BPA as a result of the pending REP litigation. Furthermore, as noted by Staff, “the problem only grows with time.” Xxxxxxxx et al., REP-12-E-BPA-13, at 4. To date, the IOUs, OPUC, IPUC, CUB, and the Washington Utilities and Transportation Commission (WUTC) contend that all of the $587 million in withheld REP benefits must be paid to their regional consumers. Conversely, the COU-aligned parties claim the unpaid refund amounts still owed by the IOUs have ballooned to “$4.028 billion, and [are] increasing.” Xxxxxxxxx, REP-12-E-AP-01, at 14. With each new attempt by BPA to “fix” the latest set of problems with its implementation of the REP, a new wave of litigation will likely be filed. Xxxxxxxx et al., REP-12-E-BPA-13,...
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Related to The Need for Settlement of the REP Litigation

  • The Settlement The Settlement was reached on May 11, 2018. Class Counsel filed this action on May 10, 2018. Over two years prior to the filing of this action, Class Counsel and Defendant’s Counsel conducted an adversarial informal discovery process. Class Counsel reviewed and analyzed thousands of pages of documents provided by Defendant and also reviewed many other documents, including U.S. Department of Labor Forms 5500 and other publicly available documents. The Parties participated in mediation before a nationally recognized mediator who has extensive experience in resolving similar claims involving other 401(k) plans. Only after six months of extensive arm’s length negotiation following the mediation were the parties able to agree to the terms of the Settlement. As part of the Settlement, a Qualified Settlement Fund of $17,000,000 will be established to resolve the Class Action. The Net Settlement Amount is $17,000,000 minus any Administrative Expenses, taxes, tax expenses, Court-approved Attorneys’ Fees and Costs, Class Representatives’ Compensation, and other approved expenses of the litigation. The Net Settlement Amount will be allocated to Class Members according to a Plan of Allocation to be approved by the Court. In addition to the monetary component of the Settlement, the Parties to the Settlement have agreed to certain additional terms: (1) During the first eighteen months (18) following the final approval of the Settlement, Defendant has agreed that the Plan’s fiduciaries will conduct a Request for Proposal (“RFP”) process for recordkeeping services to the Plan; (2) Within the first year following final approval of the Settlement, Defendant has agreed to publish a communication to then current Plan participants explaining the risks and benefits of the Plan’s money market fund investment option; (3) Defendant also will use an independent consultant familiar with fixed income investment options in defined contribution plans who will review the investment lineup and make recommendations to the Plan’s fiduciaries regarding whether to retain the money market fund and whether to add a stable value or comparable fund; (4) In addition, during the three- year Settlement period, Defendant has agreed to provide Class Counsel a list of the Plan’s investment options and fees; and (5) In considering investment options for the Plan, Defendant has agreed that the Plan’s fiduciaries will consider: (a) the lowest-cost share class available for any particular mutual fund considered for inclusion in the Plan as well as other criteria applicable to different share classes; (b) the availability of revenue sharing rebates on any share class available for any particular mutual fund considered for inclusion in the Plan; and (c) the availability of collective trusts, to the extent such investments are permissible and are otherwise identical to a particular mutual fund considered for inclusion in the Plan.

  • Amicable Settlement and Dispute Resolution i. Either Party is entitled to raise any claim, dispute or difference of whatever nature arising under, out of or in connection with this Agreement ( “Dispute”) by giving a written notice (Dispute Notice) to the other Party, which shall contain:

  • Settlement and Recovery of Funding for Prior Years (a) The HSP acknowledges that settlement and recovery of Funding can occur up to 7 years after the provision of Funding.

  • DISPUTES SETTLEMENT (1) Should any dispute arise as to the operation of this agreement and the parties are unable to resolve that dispute by amicable negotiation the parties shall refer such dispute to the Industrial Relations Commission for -

  • Effective Date of Settlements ‌ Settlements reached at any step of the grievance procedure in this article, other than Clause 8.11, shall be applied retroactively to the date of the occurrence of the action or situation which gave rise to the grievance, but not prior to the effective date of the agreement in effect at the time of the occurrence or the date set by a board of arbitration.

  • ADMINISTRATION OF THE SETTLEMENT 27. Any Settlement Class Member who fails timely to submit a valid Proof of Claim (substantially in the form of Exhibit 2 to Exhibit A) will not be entitled to receive any of the proceeds from the Net Settlement Fund, except as otherwise ordered by the Court, but will otherwise be bound by all of the terms of this Stipulation and the Settlement, including the terms of the Judgment or Alternative Judgment to be entered in the Action and all releases provided for herein, and will be barred from bringing any action against the Released Defendant Parties concerning the Released Claims.

  • EFFECTIVE DATE OF SETTLEMENT 38. The Effective Date of this Settlement shall be the first business day on which all of the following shall have occurred or been waived:

  • TERMS OF SETTLEMENT 26. The Respondent agrees to the following terms of settlement:

  • DISPUTES SETTLEMENT PROCEDURE 9.1 A major objective of this Agreement is to eliminate lost time and/or production arising out of disputes or grievances. Disputes over any work related or industrial matter (including a dispute about whether a workplace right has been breached) or any matters arising out of the operation of the Agreement or incidental to the operation of the Agreement should be dealt with as close to its source as possible. Disputes over matters arising from this Agreement (or any other dispute related to the employment relationship or the NES, including subsections 65(5) or 76(4) of the Fair Work Act) shall be dealt with according to the following procedure.

  • Rollovers of Exxon Xxxxxx Settlement Payments If you receive a qualified settlement payment from Exxon Xxxxxx litigation, you may roll over the amount of the settlement, up to $100,000, reduced by the amount of any qualified Exxon Xxxxxx settlement income previously contributed to a Traditional or Xxxx XXX or eligible retirement plan in prior taxable years. You will have until your tax return due date (not including extensions) for the year in which the qualified settlement income is received to make the rollover contribution. To obtain more information on this type of rollover, you may wish to visit the IRS website at xxx.xxx.xxx.

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