Traylor v. Avnet, Inc. et al

Filing 206

ORDER granting #205 Unopposed Motion for Approval of Second Distribution to the Class of Net Residual Settlement Funds. See order for details. Signed by Senior Judge Frederick J Martone on 8/17/2016.(LMR)

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IN THE UNITED STATES DISTRICT COURT

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FOR THE DISTRICT OF ARIZONA

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Levanna C Traylor, et al.,
Plaintiffs,

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ORDER

v.

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No. CV-08-00918-PHX-FJM

Avnet Inc.; Avnet Pension Plan,

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Defendants.

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This matter is before the Court, having previously entered Judgment on April 4,

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2010 approving pursuant to Fed. R. Civ. P. 23(e) the settlement of this class action (the

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“Litigation”) brought by Plaintiffs Levanna C. Traylor, Kevin R. Moses, James Frederic

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Coy, Gwyn M. Moriarty, Linda M. Phillips, Thomas G. Small, Dwayne E. Cohen, and

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Steve A. Dison (“Plaintiffs” or “Named Plaintiffs”) individually and on behalf of the

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Lump Sum Class and Restricted Participant Class (the “Classes”), against Defendants

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Avnet, Inc. and the Avnet Pension Plan (“Plan”) (collectively, “Defendants”).

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Upon consideration of Plaintiffs’ Unopposed Motion for Approval of Second

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Distribution to the Class of Net Residual Settlement Funds (Doc. 205), which is

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supported by the Declaration of Ann Sturner, E.A., F.S.A. and the Declaration of Mark

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Cowen of Rust Consulting, together with exhibits attached thereto, the Court finds that

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there are 345 members of the Lump Sum Class (“Unreachable Class members”) who

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cannot be located by the Settlement Administrator, Rust Consulting, Inc. (“Rust”),

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despite its diligent efforts and that further efforts to locate these missing class members

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are unlikely to succeed.

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Accordingly, it is hereby ORDERED that:

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1.

Rust shall perform a distribution to the 3,117 Lump Sum Class members

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who have been successfully located and paid (“Paid Class members”) the net residual

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settlement proceeds attributable to 345 Unreachable Class members.

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2.

The second distribution shall be performed in the manner described and

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calculated by Enrolled Actuary Sturner in her August 5, 2016 declaration and

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accompanying attachments such that each Paid Class members shall receive a second

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payment from the Total Net Residual Settlement Funds on the same pro rata basis that

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the original net settlement benefits were allocated to individual members of the Lump

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Sum Class, except that all second payments shall be equal to the Class member’s pro rata

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share of residual net settlement proceeds or $45, whichever is greater, but in no case shall

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the Class member receive a combined payment that exceeds his or her actual damages, as

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described in the Sturner Declaration.

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3.

The Court approves the proposed payment of $22,386.00 to the Settlement

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Administrator from the residual settlement funds for services to be rendered in

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connection with the second distribution of net residual settlement funds to the Paid Class

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members.

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4.

The distribution of residual settlement funds in the manner specified in the

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Rust and Sturner Declarations shall commence as soon as practicable without further

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order of the Court. Rust shall make two attempts to distribute residual settlement funds as

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specified in the Rust Declaration.

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5.

On or before the later of February 28, 2017 or six months from the date this

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Order is entered, the Settlement Administrator shall submit a written status report

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confirming the distribution of all residual settlement funds, or to the extent any residual

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settlement funds remain, detailing efforts taken to locate the newly unreachable Paid

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Class members and distribute residual settlement funds to them.

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6.

For the avoidance of doubt, no Paid Class Member and no Defendants shall

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be liable to any Unreachable Class members who may attempt to claim a settlement

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payment under the terms of the original plan of distribution in effect prior to the entry of

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this Order.

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Dated this 17th day of August, 2016.

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