Common use of The Settlement Clause in Contracts

The Settlement. The Settlement was reached on April 5, 2019p. Class Counsel filed this action on December 29, 2015. Since the filing of this action and for a period of three years, the Parties engaged in substantial litigation. 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 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 with a Gross Settlement Amount of $23,650,000 will be established. The Net Settlement Amount is $23,650,000 minus Attorneys’ Fees and Costs paid to Class Counsel; all Class Representatives’ Compensation and Individual Plaintiff Compensation as authorized by the Court; all Administrative Expenses; and a contingency reserve not to exceed an amount to be mutually agreed upon by the Settling Parties that is set aside by the Settlement Administrator for: Administrative Expenses incurred before the Settlement Effective Date but not yet paid, Administrative Expenses estimated to be incurred after the Settlement Effective Date but before the end of the Settlement Period, and an amount estimated for adjustments of data or calculation errors. The Net Settlement Amount will be allocated to Class Members according to a Plan of Allocation to be approved by the Court.

The Settlement. The Settlement was reached on April 5, 2019p2019. Class Counsel filed this action on December 29, 2015. Since the filing of this action and for a period of three years, the Parties parties engaged in substantial litigation. 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 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 with a Gross Settlement Amount of $23,650,000 will be established. The Net Settlement Amount is $23,650,000 minus Attorneys’ Fees and Costs paid to Class Counsel; all Class Representatives’ Compensation and Individual Plaintiff Compensation as authorized by the Court; all Administrative Expenses; and a contingency reserve not to exceed an amount to be mutually agreed upon by the Settling Parties that is set aside by the Settlement Administrator for: Administrative Expenses incurred before the Settlement Effective Date but not yet paid, Administrative Expenses estimated to be incurred after the Settlement Effective Date but before the end of the Settlement Period, and an amount estimated for adjustments of data or Case 1:15-cv-02062-TWP-MPB Document 367-1 Filed 04/05/19 Page 62 of 72 PageID #: 21400 calculation errors. The Net Settlement Amount will be allocated to Class Members according to a Plan of Allocation to be approved by the Court.