Hancook v. Spectranetics Corporation, The et al

Filing 182

ORDER CONCERNING DISTRIBUTION OF NET SETTLEMENT CONSIDERATION TO AUTHORIZED CLAIMANTS AND RELATED MATTERS. By Judge Robert E. Blackburn on 7/13/12. (mjgsl, )

IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF COLORADO
Judge Robert E. Blackburn
Civil Action No. 08-cv-02048-REB-KLM
(Consolidated with Civil Action No. 08-cv-02055-CMA-CBS, 08-cv-02078-MSK-BNB,
08-cv-02267-MSK-CBS, 08-cv-02420-PAB, 08-cv-02603-MSK-BNB)
In re SPECTRANETICS CORPORATION SECURITIES LITIGATION

ORDER CONCERNING
DISTRIBUTION OF NET SETTLEMENT CONSIDERATION TO
AUTHORIZED CLAIMANTS AND RELATED MATTERS
______________________________________________________________________
Blackburn, J.
WHEREAS lead plaintiff the Spectranetics Investor Group, comprised of
Genesee County Employes’ Retirement System, the Wayne County Employees’
Retirement System, and Peter J. Tortora (“Settling Class Action Plaintiff”), on behalf of
the Settlement Class, has moved this Court pursuant to Rule 23 of the Federal Rules of
Civil Procedure for an Order authorizing, inter alia: (i) distribution of the Net Settlement
Fund to Authorized Claimants according to the administrative determinations made by
Rust concerning accepted and rejected claims; (ii) payment to Rust for the balance of its
fees and expenses in connection with the services performed and to be performed in
administering the Settlement and distributing the Net Settlement Consideration; (iii)
destruction of paper copies of Proofs of Claim one (1) year after the initial distribution of
the Net Settlement Consideration and electronic copies of claim records three (3) years
after the final distribution of the Net Settlement Consideration; and (iv) for such other
and further relief as may be just and proper, and good cause appearing therefor,

Upon due consideration of the application, the Court hereby orders as follows:
1.

This Order incorporates by reference the definitions in the

Stipulation of Settlement, and all capitalized terms used herein shall have
the same meaning as set forth in the Stipulation of Settlement.
2.

The motion is granted in its entirety and the Court approves

the determinations of Rust Consulting, Inc. (“Rust”), the Claims
Administrator, accepting claims, including the late but otherwise eligible
Proofs of Claim, as set forth in the Affidavit of Daniel J. Polizzi Regarding
(A) Processing of Claim Forms; and (B) Calculation of Authorized
Claimants’ Claims (Polizzi Aff.) in Exhibits H and I.
3.

The Net Settlement Consideration established by the

Settlement of this Class Action shall be distributed to Authorized
Claimants according to the determinations of Rust and consistent with the
Plan of Allocation previously approved by the Court on April 4, 2011.
4.

Rejected or otherwise ineligible Proofs of Claim, as set forth

in Exhibits F and G to the Polizzi Affidavit, are hereby rejected.
5.

The Court bars the acceptance of claims received on or after

September 26, 2011 and hereby releases and discharges all persons who
were involved in the review, verification, calculation, tabulation, or any
other aspect of the administration of claims filed in this Class Action from
any and all claims arising out of such involvement.
6.

Rust shall be paid the outstanding balance of its fees and

expenses in connection with the services performed and to be performed
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in administering the Settlement, as set forth in Exhibits J and K to the
Polizzi Affidavit, from the Net Settlement Consideration in the total amount
of $59,367.14.
7.

If cost-effective, not less than six (6) months after the initial

distribution, a further distribution of the Net Settlement Consideration shall
be conducted pursuant to which any remaining funds from undeliverable,
un-cashed, or returned checks, after payment to any Authorized Claimants
who validly contest their distribution amount and support the amount they
request and payment of any unpaid taxes, costs or fees incurred or to be
incurred in connection with administering the Net Settlement
Consideration, shall be distributed to Authorized Claimants who cashed
their initial distribution checks and who would receive at least $10.00 in
such an additional distribution based on their claim, with additional
redistributions thereafter in at least six-month intervals until Rust and
Settling Class Action Plaintiff’s Counsel determine that further
redistribution is not cost-effective. Any remainder that is not cost-effective
to distribute shall be donated to a private, non-sectarian, not-for-profit
organization with internal revenue code §501(c)(3) tax deduction status
designated by Settling Class Action Plaintiff, after obtaining approval from
the Court.
8.

One year after initial distribution of the Net Settlement

Consideration, Rust may destroy any paper copies of the Proof of Claim
forms and all related documentation, and three years after final distribution
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of the Net Settlement Consideration, it may destroy electronic copies of
the same.

IT IS SO ORDERED.
Dated July 13, 2012, at Denver, Colorado.
BY THE COURT:

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