Vincent Alvidres v. Countrywide Financial Corporation et al

Filing 270

FINAL ORDER AND JUDGMENT by Judge John F. Walter: IT IS HEREBY ORDERED, ADJUDGED AND DECREED, that This Court has jurisdiction over the subject matter of this Action and over all Parties to the Action, including all members of the Class. (See attache d Final Order for further information). Class Counsel is hereby awarded attorneys' fees in the amount of 20% of the Settlement Fund, which the Court finds to be fair and reasonable, and $255,420.04 in reimbursement of Class Counsel 9;s reasonable expenses incurred in prosecuting the Action. The Named Plaintiff is hereby awarded an incentive award in the amount of: $10,000. In making this award of attorneys' fees and reimbursement of expenses to be paid from the Settle ment Fund, and the compensation awards to the Named Plaintiff, the Court has considered and found that: The Settlement achieved as a result of the efforts of Class Counsel has created a fund of $55,000,000 in cash that is already on deposit, plus interest thereon, and will benefit thousands of Class members (see attached Final Order for further information). Related to: MOTION for Attorney Fees , Expenses, and Case Contribution Award 257 . (MD JS-6, Case Terminated). (jp)

1 2 3 4 5 6 7 8 9 10 11 UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA SOUTHERN DIVISION Case No. 07-CV-05810-JFW (CTx) JS-6

12 VINCENT ALVIDRES, Individually 13 and on Behalf of All Others Similarly Situated, 14 15 16 17 v. 18 COUNTRYWIDE FINANCIAL 19 CORPORATION, et. al., 20 21 22 23 24 25 26 27 28 1 Defendants. Plaintiff,

FINAL ORDER AND JUDGMENT

Judge:

HON. JOHN F. WALTER

1 2

[PROPOSED] FINAL ORDER AND JUDGMENT This Action involves claims for alleged violations of the Employee Retirement

3 Income Security Act of 1974, as amended, 29 U.S.C. §§ 1001, et seq. ("ERISA"), 4 with respect to the Countrywide Financial Corporation 401(k) Savings and 5 Investment Plan as amended and restated effective December 31, 2008, and any 6 successor plans and trusts created under the foregoing plans (the "Plan").1 7 This matter came before the Court for a hearing pursuant to the Order of this 8 Court entered on September 1, 2009, on the application of the Parties for approval of 9 the Settlement set forth in the Stipulation and Agreement of Settlement (the 10 "Settlement Agreement"), executed on August 5, 2009 and filed with the Court on 11 August 5, 2009. The Court has received declarations attesting to the mailing of the 12 Notice and publication of the Publication Notice in accordance with the Preliminary 13 Approval Order. 14 Due and adequate notice having been given to the Class as required in said 15 Order, and the Court having considered all papers filed and proceedings had herein 16 and otherwise being fully informed in the premises and good cause appearing 17 therefore, IT IS HEREBY ORDERED, ADJUDGED AND DECREED as follows: 18 1. This Court has jurisdiction over the subject matter of this Action and 19 over all Parties to the Action, including all members of the Class. 20 2. On September 23, 2009, 47,272 copies of the Notice were mailed to 21 Class members. 22 3. On September 24, 2009, a copy of the Publication Notice was published 23 in USA Today in accordance with the Settlement Agreement and the Court's 24 Preliminary Approval Order. 25 26 27 28
1

Capitalized terms not otherwise defined in this order shall have the same meaning as ascribed to them in the Settlement Agreement and Preliminary Approval Order. 2

1

4.

In accordance with the Court's Preliminary Approval Order, the Notice

2 and Settlement Agreement were posted on www.Countrywide401(k)Settlement.com. 3 5. The Notice and the Publication Notice fully informed Class members of 4 their rights with respect to the Settlement, including the right to object to the 5 Settlement or the application for an award of attorneys' fees and reimbursement of 6 expenses. 7 6. The Notice and Publication Notice collectively met the statutory 8 requirements of notice under the circumstances, including the individual notice to all 9 members of the Class who could be identified through reasonable effort, and fully 10 satisfied the requirements of Federal Rule of Civil Procedure 23 and the requirement 11 of due process. 12 7. The Action and all claims contained therein, as well as all of the Settled 13 Claims, are dismissed with prejudice as to the Named Plaintiff, the Class members, 14 and the Plan, and as against the Released Parties. The Parties are to bear their own 15 costs, except as otherwise provided in the Settlement Agreement. 16 8. The Court finds that the Settlement is fair, just, reasonable, and adequate 17 as to each member of the Class, and that the Settlement Agreement, and the 18 Settlement contained therein, is hereby finally approved in all respects, and the 19 Parties are hereby directed to implement the Settlement in accordance with its terms 20 and conditions. 21 9. The Named Plaintiff, on behalf of himself, the Plan and the Class, is 22 deemed to have, and by operation of this Order and Judgment shall have, absolutely 23 and unconditionally released and forever discharged the Released Parties from the 24 Settled Claims. 25 10. All members of the Class are hereby forever barred and enjoined from 26 prosecuting the Settled Claims against the Released Parties. As set forth in 27 Paragraph 1.41 of the Settlement Agreement, the Settled Claims shall be: any and all 28 3

1 claims, debts, demands, rights or causes of action, suits, matters, and issues or 2 liabilities whatsoever (including, but not limited to, any claims for damages, interest, 3 attorneys' fees, expert or consulting fees, and any other costs, expenses or liability 4 whatsoever), whether based on federal, state, local, statutory or common law or any 5 other law, rule or regulation, whether fixed or contingent, accrued or unaccrued, 6 liquidated or unliquidated, at law or in equity, matured or unmatured, whether class 7 or individual in nature (collectively, "Claims"), including both Claims and Unknown 8 Claims against any of the Released Parties (i) asserted or that could have been 9 asserted in this Action, (ii) that would have been barred by res judicata had this 10 Action been fully litigated to a final judgment, or (iii) that relate to any investment in 11 Countrywide stock or the Countrywide Stock Fund in the Plan or by any Plan 12 Participant through the Plan. Notwithstanding the foregoing, "Settled Claims" does 13 not include any claims, debts, demands, rights or causes of action, suits, matters, and 14 issues or liabilities whatsoever (including, but not limited to, any claims for damages, 15 interest, attorney's fees, expert or consulting fees and any other costs, expenses or 16 liability whatsoever), whether based on federal, state, local, statutory or common law 17 or any other law, rule or regulation, whether fixed or contingent, accrued or 18 unaccrued, liquidated or unliquidated, at law or in equity, matured or unmatured, 19 whether class or individual in nature, including both known Claims and Unknown 20 Claims, against any of the Released Parties related to the enforcement of the 21 Settlement, claims asserted in the Securities Actions or Derivative Actions to the 22 extent such claims were not brought under or pursuant to ERISA, claims for 23 individual or vested welfare benefits under ERISA Section 502(a)(1)(B) unrelated to 24 Plan investments or investment options, claims involving Bank of America stock, or 25 claims involving any ERISA plan other than the Plan. 26 11. Each of the Defendants, by operation of this Order and Judgment, 27 absolutely and unconditionally releases and forever discharges the Named Plaintiff, 28 4

1 the Class, and Class Counsel from any and all claims relating to, or in connection 2 with the institution or prosecution of this Action or the Settlement of any Settled 3 Claim. 4 12. The Plan of Allocation is approved as fair and reasonable. Class

5 Counsel and Countrywide are directed to administer the Settlement in accordance 6 with its terms and provisions. Any modification or change in the Plan of Allocation 7 that may hereafter be approved shall in no way disturb or affect this Judgment and 8 shall be considered separate from this Judgment. 9 13. Class Counsel is hereby awarded attorneys' fees in the amount of 20% 10 of the Settlement Fund, which the Court finds to be fair and reasonable, and 11 $255,420.04 in reimbursement of Class Counsel's reasonable expenses incurred in 12 prosecuting the Action. The attorneys' fees and expenses so awarded shall be paid 13 from the Gross Settlement Fund pursuant to the terms of the Settlement Agreement, as 14 provided in the Settlement Agreement, with interest on such amounts from the date 15 the Settlement Fund was funded to the date of payment at the same net rate that the 16 Gross Settlement Fund earns. All fees and expenses paid to Class Counsel shall be 17 paid pursuant to the timing requirements described in the Settlement Agreement. 18 14. The Named Plaintiff is hereby awarded an incentive award in the amount 19 of: $10,000. 20 15. In making this award of attorneys' fees and reimbursement of expenses 21 to be paid from the Settlement Fund, and the compensation awards to the Named 22 Plaintiff, the Court has considered and found that: 23 a) The Settlement achieved as a result of the efforts of Class Counsel 24 25 26 27 28 has created a fund of $55,000,000 in cash that is already on deposit, plus interest thereon, and will benefit thousands of Class members;
b)

Class Counsel have conducted the litigation and achieved the

Settlement with skill, perseverance, and diligent advocacy; 5

1 2 3 4 5 6 7 8 9 10 11 12 13 16.

c)

The Action involves complex factual and legal issues prosecuted

over several years and, in the absence of a settlement, would involve further lengthy proceedings with uncertain resolution of the complex factual and legal issues;
d)

Had Class Counsel not achieved the Settlement, there would

remain a significant risk that the Named Plaintiff and the Class may have recovered less or nothing from the Defendants;
e)

The amount of attorneys' fees awarded and expenses reimbursed The Named Plaintiff rendered valuable service to the Plan and to

from the Settlement Fund are consistent with awards in similar cases; and
f)

all Plan Participants. Without this participation, there would have been no case and no settlement. Neither the Settlement Agreement nor the terms of the Settlement

14 Agreement shall be offered or received into any action or proceeding for any 15 purposes, except (i) in an action or proceeding arising under the Settlement 16 Agreement or arising out of or relating to the Preliminary Approval Order or the 17 Final Order, or (ii) in any action or proceeding where the releases provided pursuant 18 to this Settlement Agreement may serve as a bar to recovery, or (iii) in any action or 19 proceeding to determine the availability, scope, or extent of insurance coverage (or 20 reinsurance related to such coverage) for the sums expended for the Settlement and 21 defense of the Action. 22 17. Without affecting the finality of this Judgment in any way, this Court 23 hereby retains continuing jurisdiction over: (a) implementation of the Settlement and 24 any award or distribution of the Settlement Fund, including interest earned thereon; 25 (b) disposition of the Settlement Fund; (c) hearing and determining applications for 26 attorneys' fees, costs, interest and reimbursement of expenses in the Action; and (d) 27 28 6

1 all Parties hereto for the purpose of construing, enforcing and administering the 2 Settlement. 3 18. The Court finds that during the course of the litigation, the Named 4 Plaintiff and the Defendants and their respective counsel at all times complied with 5 the requirements of Federal Rule of Civil Procedure 11. 6 19. This Order and Judgment shall not be considered or used as an 7 admission, concession, or declaration by or against Defendants of any fault, 8 wrongdoing, breach or liability. 9 20. In the event that the Settlement does not become effective in accordance 10 with the terms of the Settlement Agreement or in the event that the Gross Settlement 11 Fund, or any portion thereof, is returned to the Defendants or their insurers, then this 12 Judgment shall be rendered null and void to the extent provided by and in accordance 13 with the Settlement Agreement and shall be vacated, and in such event, all orders 14 entered and releases delivered in connection herewith shall be null and void to the 15 extent provided by and in accordance with the Settlement Agreement. 16 17 18 19 20 21 22 23 24 25 26 27 28 7 JUDGE JOHN F. WALTER UNITED STATES DISTRICT JUDGE SO ORDERED this 16th day of November, 2009. 21. Final Judgment shall be entered herein.