Settlement imminent as Judge has ordered Cashers for processing
. IT IS SO ORDERED. (Signed by Judge Naomi Reice Buchwald on 10/24/2023) Filed In Associated Cases: 1:11-md-02262-NRB, 1:11-cv-02613-NRB. (mml) Transmission to Finance Unit (Cashiers) for processing.
3840
10/24/2023
ORDER AUTHORIZING EXCHANGE-BASED PLAINTIFFS' MOTION FOR DISTRIBUTION OF CLASS ACTION SETTLEMENT FUNDS granting (849) Motion to Authorize in case 1:11-cv-02613-NRB; granting (3723) Motion to Authorize in case 1:11-md-02262-NRB. ORDERED, that the administrative determinations of A.B. Data to accept the Revised - Timely Eligible Claims, as set forth in Exhibit A of the Supplemental A.B. Data Declaration, and the Late But Otherwise Eligible Claims, as set forth in Exhibit B of the Supplemental A.B. Data Declaration, are adopted and said claims are hereby accepted, as further set forth. ORDERED, that the balance of the Settlement Funds, after deducting payments previously allowed or set forth herein, shall be distributed to the Authorized Claimants listed on Exhibits A and B of the A.B. Data Declaration under the court-approved Plan of Distribution in proportion to: (i) each Authorized Claimant's Recognized Net Loss as compared to the total Recognized Net Loss of all accepted claimants and multiplied by 75% of the amount of the Net Settlement Funds; and/or (ii) each Authorized Claimant's Recognized Net Volume as compared to the total Recognized Net Volume of all accepted claimants and multiplied by 25% of the amount of the Net Settlement Funds, as shown on such printout; and it is further ORDERED, that any Authorized Claimant whose pro rata Distribution Amount is greater than $0 and $19.99 or less shall receive a minimum payment of $20.00 (the "Minimum Payment") in the Initial Distribution and will not be eligible to receive any further distribution from the Net Settlement Funds; and it is further ORDERED, that after excluding Authorized Claimants who will receive the Minimum Payment, any Authorized Claimant whose Distribution Amount recalculates to $20.00 or more and less than $10,000.00 will receive their full pro rata Distribution Amount in the Initial Distribution and will not be eligible to receive any further distribution from the Net Settlement Funds; and it is further ORDERED, that 90% of the remaining balance of the Net Settlement Funds will be distributed pro rata to Authorized Claimants whose Distribution Amount calculates to $10,000.00 or more, with the remaining 10% of the Net Settlement Funds held in reserve; and it is further ORDERED, that after payments of any additional fees and expenses incurred in connection with administering the Settlements, estimated taxes, the costs of preparing appropriate tax returns, any escrow and administrative fees, and any claims administration-related contingencies, and the reserve is not depleted, following consultation with Class Counsel, in a reasonable amount of time after the Initial Distribution, A.B. Data will conduct a Second Distribution to Authorized Claimants (i) whose pro rata Distribution Amount in the Initial Distribution calculated to $10,000.00 or more, (ii) who cashed their first distribution check, and (iii) who would receive at least $10.00 from such distribution based on their pro rata share of the remaining funds, as further set forth. ORDERED, that this Order shall not release any claim by Exchange-Based Plaintiffs against the Claims Administrator with respect to distributions, if any, if later discovered to have been made not substantially in accordance with the Stipulations, the Plan of Distribution, or any order of the Court; and it is further ORDERED, that A.B. Data's request for payment of its estimate for the distributions as set forth above in the amount of $44,945.93, is approved; and it is further ORDERED, that A.B. Data is permitted to destroy paper and electronic copies of the Claims and all supporting documentation one year after all funds from these Settlements have been distributed, and the Action has finally terminated; and it is further ORDERED, that this Court retains jurisdiction over any further application or matter which may arise in connection with this Action. IT IS SO ORDERED. (Signed by Judge Naomi Reice Buchwald on 10/24/2023) Filed In Associated Cases: 1:11-md-02262-NRB, 1:11-cv-02613-NRB. (mml) Transmission to Finance Unit (Cashiers) for processing.
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