The Class Action was settled for $2,300,000
The only thing left is the Judges approval of the Insurance company to pay the settlement.(This may have already occurred last Friday)
8. In full settlement and compromise of all Settled Claims against the Released Parties by the Class Plaintiffs and the Settling Class Members, and subject to the terms and conditions of this Settlement Agreement, the Insurer shall pay into the Class Escrow Account two million three hundred thousand dollars ($2,300,000.00) in immediately available
funds (sometimes, the “Class Settlement Consideration”) within ten (10) business days of the execution by the Court of the Preliminary Approval Order.
9. All Parties hereto recognize that settlement pursuant to this Settlement Agreement is expressly conditioned upon the Court approving the Insurer’s use of proceeds from
GlobeTel’s D&O Policy to fund this Settlement. In this respect, the Insurer will be filing simultaneously with this Stipulation of Settlement an "Agreed Intervention Motion" with the Court to which all Parties to the Class Action will consent. Through the Agreed Intervention Motion, the Insurer will seek the Court's permission to use the D&O Policy proceeds to fund the Class Settlement Consideration contemplated in the paragraph above.
