Securities Exchange, et al v. Mutual Benefits Corp, et al

Filing 2962

ORDER ADOPTING MAGISTRATE JUDGE'S REPORT AND RECOMMENDATION 2912 and DENYING TRUSTEE'S MOTION TO MODIFY TRUST AGREEMENT OR FOR INSTRUCTIONS FROM THE COURT 2852 . Signed by Judge Federico A. Moreno on 7/30/2021. See attached document for full details. (mmd)

Case 0:04-cv-60573-FAM Document 2962 Entered on FLSD Docket 07/30/2021 Page 1 of 2

UNITED STATES DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF FLORIDA
Fort Lauderdale Division
Case Number: 04-60573-CIV-MORENO
SECURITIES AND EXCHANGE
COMMISSION et al.,
Plaintiff,
vs.
MUTUAL BENEFITS CORP. et al.,
Defendants.
_________________________________________/
ORDER ADOPTING MAGISTRATE JUDGE’S REPORT AND RECOMMENDATION
AND DENYING TRUSTEE'S MOTION TO MODIFY TRUST AGREEMENT OR FOR
INSTRUCTIONS FROM THE COURT
THE MATTER was referred to the Honorable Jared M. Strauss, United States Magistrate
Judge, for a Report and Recommendation on Trustee's Motion to Modify Trust Agreement or for
Instructions, filed on January 21, 2021. The Magistrate Judge filed a Report and
Recommendation (D.E. 2912) on April 18, 2021. The Court has reviewed the entire file and
record. The Court has made a de novo review of the issues that the objections to the Magistrate
Judge’s Report and Recommendation present, and being otherwise fully advised in the premises,
it is
ADJUDGED that United States Magistrate Judge Jared M. Strauss’s Report and
Recommendation is AFFIRMED and ADOPTED. Accordingly, it is
ADJUDGED that motion to modify the trust is DENIED for the reasons stated in the
Report and Recommendation. It is also
ADJUDGED that the Trustee is ordered to reimburse the Trust for the $55,163 that is in
escrow and the Trustee is ordered to conform his compensation to the $395 per hour cap

Case 0:04-cv-60573-FAM Document 2962 Entered on FLSD Docket 07/30/2021 Page 2 of 2

limitation set forth in the Trust Agreement for the hours that he personally charged the Trust.
The Court also orders the Trustee to reimburse the Trust for the appropriate amount that he has
charged the Trust in excess of the $395 per hour cap by no later than October 19, 2021.
DONE AND ORDERED in Chambers at Miami, Florida, this 30th of July 2021.

______________________________________
FEDERICO A. MORENO
UNITED STATES DISTRICT JUDGE
Copies furnished to:
United States Magistrate Judge Jared M. Strauss
Counsel of Record

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