In re Marvell Technology Group, Ltd. Securities Litigation

Filing 306

ORDER by Judge Ronald M Whyte granting 305 Motion for Disbursement of Funds (rmwlc2, COURT STAFF) (Filed on 4/13/2015)

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Michael K. Yarnoff (admitted Pro Hac Vice)
Jennifer L. Enck
KESSLER TOPAZ
MELTZER & CHECK, LLP
280 King of Prussia Road
Radnor, PA 19087
Telephone: [phone]
Facsimile: [phone]
[e-mail]
[e-mail]
Co-Lead Counsel
Joseph C. Kohn (admitted Pro Hac Vice)
Denis F. Sheils (admitted Pro Hac Vice)
William E. Hoese (admitted Pro Hac Vice)
KOHN, SWIFT & GRAF, P.C.
One South Broad Street, Suite 2100
Philadelphia, PA 19107
Telephone: [phone]
Facsimile: [phone]
[e-mail]
[e-mail]
[e-mail]

Joseph J. Tabacco, Jr. (Bar No. 75484)
Nicole Lavallee (Bar No. 165755)
BERMAN DeVALERIO
One California Street
Suite 900
San Francisco, CA 94111
Telephone: [phone]
Facsimile: [phone]
[e-mail]
[e-mail]

Co-Lead Counsel

Liaison Counsel

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IN THE UNITED STATES DISTRICT COURT

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FOR THE NORTHERN DISTRICT OF CALIFORNIA
SAN JOSE DIVISION

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Master File No. C-06-06286 RMW
In re Marvell Technology Group Ltd.
Securities Litigation

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CLASS ACTION
[PROPOSED] ORDER APPROVING
FINAL DISTRIBUTION PLAN

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____________________________________

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THIS DOCUMENT RELATES TO:

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All Actions

DATE: APRIL 24, 2015
TIME: 9:00 A.M.
PLACE: COURTROOM 6
THE HONORABLE RONALD M. WHYTE

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[C-06-06286 RMW] [PROPOSED] ORDER APPROVING FINAL DISTRIBUTION PLAN

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WHEREAS, on November 13, 2009, this Court entered the Final Judgment and Order

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approving the Settlement of the above-captioned action (“Action”), as embodied in the Stipulation

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and Agreement of Settlement dated June 9, 2009 (“Stipulation”), ECF No. 281; 1

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WHEREAS, the Court-approved claims administrator for the Action, Epiq Class Action &

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Claims Solutions (“Epiq”), processed all Proofs of Claim submitted in connection with the

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Settlement in accordance with the terms of the Stipulation and the Plan of Allocation set forth in the

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Notice disseminated to the Class;

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WHEREAS, upon completion of the processing of Proofs of Claim and pursuant to the

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Court’s Order re: Distribution of Class Settlement Fund dated August 8, 2011, ECF No. 301, Epiq

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conducted an initial distribution of the Net Settlement Fund to Authorized Claimants (“Initial

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Distribution”);

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WHEREAS, following the Initial Distribution and Epiq’s efforts to encourage Authorized

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Claimants to cash their checks, there remained unclaimed and returned funds in the Net Settlement

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Fund;

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WHEREAS, Epiq conducted a second distribution of the unclaimed and returned funds
remaining in the Net Settlement Fund to eligible Authorized Claimants (“Second Distribution”);

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WHEREAS, following the Second Distribution and Epiq’s efforts to encourage Authorized

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Claimants to cash their checks, there currently remains $631,678.50 in unclaimed or returned funds

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in the Net Settlement Fund; and

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WHEREAS, this Court has retained jurisdiction of this Action for the purpose of

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considering any further application or matter which may arise in connection with the administration

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and execution of the Settlement and the processing of Proofs of Claim and the distribution of the

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Net Settlement Fund.

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Unless otherwise noted, capitalized terms used herein shall have those meanings contained in the
Stipulation or in the Affidavit of Stephanie Thurin in Support of Lead Plaintiffs’ Motion for
Approval of Final Distribution Plan (“Thurin Affidavit”) dated March 11, 2015.

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[C-06-06286 RMW] [PROPOSED] ORDER APPROVING FINAL DISTRIBUTION PLAN

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NOW, THEREFORE, upon reading the Thurin Affidavit, submitted on behalf of Epiq, and

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the accompanying motion and memorandum in support, and upon all prior proceedings herein and

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after due deliberation, it is hereby:

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ORDERED that all Authorized Claimants whose Second Distribution checks are stale-dated

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and who have not requested a check reissue prior to the entry of this Order will irrevocably forfeit

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any additional recovery from the Settlement, and the funds allocated to all such stale-dated checks

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will be available for re-distribution to other Authorized Claimants; and it is further

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ORDERED that Epiq be paid up to $56,952 from the remaining balance of the Net

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Settlement Fund for its fees and expenses incurred, and to be incurred, in connection with its

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services provided, and to be provided, through the completion of this Action; and it is further

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ORDERED that Epiq will conduct a third distribution of the Net Settlement Fund (“Third

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Distribution”), pursuant to which the remaining balance of the Net Settlement Fund, after deducting

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the payment to Epiq, and after deducting any payments for estimated taxes and the costs of

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preparing appropriate tax returns and escrow fees, will be distributed to all eligible Authorized

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Claimants (i.e., Authorized Claimants who have cashed their checks from the Second Distribution,

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or have submitted a check reissue request prior to the date of entry of this Order) and who would

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receive at least $10.00 from such re-distribution); and it is further

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ORDERED that all checks issued in the Third Distribution will bear a notation “DEPOSIT

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PROMPTLY, VOID AND SUBJECT TO RE-DISTRIBUTION IF NOT NEGOTIATED WITHIN

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SIXTY (60) DAYS OF DATE OF ISSUE”; and it is further

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ORDERED that Authorized Claimants who do not cash their checks within the time allotted
will irrevocably forfeit all recovery from the Third Distribution; and it is further

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ORDERED that if after six (6) months after the Third Distribution any funds remain in the

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Net Settlement Fund from uncashed or returned checks after Epiq has made reasonable and diligent

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efforts to have Authorized Claimants who are entitled to participate in the Third Distribution cash

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their checks, and after payment of any unpaid costs or fees incurred or to be incurred in connection

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with administering the Net Settlement Fund, such remaining funds shall be donated to Bay Area

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[C-06-06286 RMW] [PROPOSED] ORDER APPROVING FINAL DISTRIBUTION PLAN

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Legal Aid, a 501(c)(3) charitable organization selected by Lead Plaintiffs through their Counsel and

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agreed to by Marvell Technology Group Ltd; and it is further

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ORDERED that all persons involved in the review, verification, calculation, tabulation, or

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any other aspect of the processing of the claims submitted herein, or otherwise involved in the

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administration or taxation of the Settlement Fund or the Net Settlement Fund are released and

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discharged from any and all claims arising out of such involvement, and all Class Members,

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whether or not they are to receive payment from the Net Settlement Fund, are barred from making

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any further claim against the Net Settlement Fund or the released persons beyond the amount

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allocated to them pursuant to this Order; and it is further

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ORDERED that this Court retain jurisdiction over any further application or matter which
may arise in connection with this Action.
SO ORDERED.

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DATED: April 13, 2015

______________________________________
THE HONORABLE RONALD M. WHYTE
UNITED STATES DISTRICT JUDGE

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[C-06-06286 RMW] [PROPOSED] ORDER APPROVING FINAL DISTRIBUTION PLAN

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