Anwar et al v. Fairfield Greenwich Limited et al
Filing
1576
ORDER AUTHORIZING DISTRIBUTION OF THE PWC NET SETTLEMENT FUND: NOW, THEREFORE, upon reading and filing the Declaration of Jason Rabe in Support of Entry of An Order for Distribution of the PwC and PwC Net Settlement Funds; and upon all prior proceedings heretofore, and after due deliberation, it is hereby ORDERED, that Rust is awarded its unpaid fees and expenses of $96,441.47 through September 30, 2016, and Co-Lead Counsel are authorized to establish a reserve of up to $72,255.46 for payment of Rust's anticipated fees and expenses with respect to the distribution and continued administration of the PwC Net Settlement Fund; ORDERED, that the recommendations of the Claims Administrator to approve determinations of claims as indicated on the record of accepted claims submitted and described in the Rabe Declaration, Exhibit C, including claims submitted after the original May 23, 2016 submission deadline, be and the same hereby are approved, and said claims are hereby accepted; and it is further ORDERED, that the recommendations of the Claims Administrator as indicated on the record of rejected claims submitted and described in the Rabe Declaration, Exhibit B, under the Court-approved Settlement Class definition and Plan of Allocation be and the same are hereby approved, and said claims are hereby rejected. (As further set forth in this Order) (Signed by Judge Victor Marrero on 11/10/2016) (kl)
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
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PASHA ANWAR, et al.,
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Plaintiffs,
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FAIRFIELD GREENWICH LIMITED, et al.,
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Master File No. 09-cv-118 (VM) (FM)
Defendants.
This Document Relates To: 09-cv-118 (VM)
ORDER AUTHORIZING DISTRIBUTION
OF THE PWC NET SETTLEMENT FUND
WHEREAS, by its Final Judgment and Order of Dismissal with Prejudice dated May 6,
2016 (Dkt. No. 1569), from which no appeal was taken, this Court approved the $55 million
partial settlement of this Action, resolving claims asserted by Plaintiffs against the PwC
Defendants ("PwC"), as embodied in the PwC Stipulation of Settlement dated as of January 6,
2016 (Dkt. No. 1533), and the Plan of Allocation of the PwC Net Settlement Fund (Dkt. No. 15332, Page 23 of 25), as fair, reasonable, and adequate and in the best interests of the Class;
WHEREAS, as set forth in the PwC Notice of Proposed Partial Settlement of Class Action
(the "Notice"; Dkt. No. 1562-1), the deadline for PwC Settlement Class Members to submit Proof
of Claim and Release forms ("Proofs of Claim") to participate in the distribution of the Net
Settlement Fund was May 23, 2016;
WHEREAS, Rust Consulting, Inc. ("Rust"), the claims administrator for the Settlement,
has processed all Proofs of Claim received pursuant to the Notice;
Doc. J89766vl
WHEREAS, in satisfaction of due process requirements, all Class Members who filed
claims that were ineligible or deficient were: ( 1) informed that their claims were ineligible or
deficient; and (2) given the opportunity to respond to the determination of ineligibility and to
correct any deficiency prior to their claims being finally rejected;
WHEREAS, the process of reviewing all Proofs of Claim has been completed;
WHEREAS, Co-Lead Counsel now seek authorization, on behalf of the PwC Settlement
Class, to make a distribution of the balance of the PwC Settlement Fund, after the deduction of
payments previously allowed and set forth herein (the "PwC Net Settlement Fund") to Authorized
Claimants;
WHEREAS, this Court has retained jurisdiction of this Action for the purpose of
considering any further matter that may arise in connection with the administration and execution
of the PwC Settlement and the processing of Proofs of Claims and the distribution of the PwC Net
Settlement Fund to the Authorized Claimants;
NOW, THEREFORE, upon reading and filing the Declaration of Jason Rabe in Support
of Entry of An Order for Distribution of the PwC and PwC Net Settlement Funds; and upon all
prior proceedings heretofore, and after due deliberation, it is hereby
ORDERED, that Rust is awarded its unpaid fees and expenses of $96,441.47 through
September 30, 2016, and Co-Lead Counsel are authorized to establish a reserve of up to
$72,255.46 for payment of Rust's anticipated fees and expenses with respect to the distribution
and continued administration of the PwC Net Settlement Fund;
ORDERED, that the recommendations of the Claims Administrator to approve
determinations of claims as indicated on the record of accepted claims submitted and described in
the Rabe Declaration, Exhibit C, including claims submitted after the original May 23, 2016
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submission deadline, be and the same hereby are approved, and said claims are hereby accepted;
and it is further
ORDERED, that the recommendations of the Claims Administrator as indicated on the
record of rejected claims submitted and described in the Rabe Declaration, Exhibit B, under the
Court-approved Settlement Class definition and Plan of Allocation be and the same are hereby
approved, and said claims are hereby rejected; and it is further
ORDERED, that the PwC Net Settlement Fund shall be distributed to Authorized
Claimants, calculated as described in the Rabe Declaration under the Court-approved Plan of
Allocation in proportion to each Authorized Claimant's Recognized Loss as compared to the total
Recognized Loss of all Authorized Claimants as set forth in the Rabe Declaration, Exhibit C; and
it is further
ORDERED, that no further late filed claims shall be accepted by the Settlement
Administrator or Plaintiffs' Co-Lead Counsel; and it is further
ORDERED, that all persons involved in the review, verification, calculation, tabulation,
or any other aspect of the processing of the Proofs of Claim submitted herein, or otherwise
involved in the administration or taxation of the PwC Settlement Fund, are hereby released and
discharged from any and all claims arising out of such involvement, and all PwC Settlement Class
Members, whether or not they receive payment from the PwC Net Settlement Fund, are hereby
barred from making any further claims against the PwC Net Settlement Fund, the Claims
Administrator, the Escrow Agent or any other agent retained by the Class Plaintiffs or Plaintiffs'
Co-Lead Counsel in connection with the administration or taxation of the Settlement Fund beyond
the amount allocated to Authorized Claimants; and it is further
ORDERED, that checks payable to the Authorized Claimants for their settlement
distribution shall bear the notation "CASH PROMPTLY, VOID AND SUBJECT TO RE3
DISTRIBUTION IF NOT CASHED WITHIN 90 DAYS AFfER ISSUE DATE." Co-Lead
Counsel and Rust are authorized to take appropriate action to locate or contact any Authorized
Claimant who has not cashed his, her or its distribution check within said time; and it is further
ORDERED, that this Court retains jurisdiction over any further application or matter
which may arise in connection with this Action.
Dated:
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'2016
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UNITED STATES DISTRICT JUDGE
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