City of Westland Police and Fire Retirement System v. Metlife, Inc. et al
Filing 406
ORDER REGARDING PROPOSED SETTLEMENT PURSUANT TO FED. R. CIV. P. 23(e)(l) AND PERMITTING NOTICE TO THE CLASSES: NOW, THEREFORE, IT IS HEREBY ORDERED: 1. The Court has reviewed the Stipulation and in accordance with Fed. R. Ciy. P. 23(e)(l) find s that the proposed Settlement warrants the issuance of notice of the proposed Settlement to Members of the Classes. A hearing shall be held before this Court on April 14, 2021 at 10 a.m. (the "Final Approval Hearing"), at the Daniel Pa trick Moynihan United States Courthouse, United States District Court for the Southern District of New York, 500 Pearl Street, New York, NY 10007, to determine whether the proposed Settlement of the Litigation on the terms and conditions provided for in the Stipulation is fair, reasonable and adequate to the Classes and should be approved by the Court; to determine whether a Judgment as provided in 1.13 of the Stipulation should be entered; to determine whether the proposed Plan of Allocati on should be approved; to determine the amount of attorneys' fees, costs, charges and expenses that should be awarded to Lead Counsel; to determine any award to Lead Plaintiff pursuant to the applicable provisions of the Private Securities L itigation Reform Act of 1995 (the "PSLRA"); to hear any objections by Members of the Classes to: (i) the Settlement or Plan of Allocation, (ii) the award of attorneys' fees and expenses to Lead Counsel, and (iii) an award to Lead Pla intiff pursuant to the PSLRA; and to consider such other matters the Court deems appropriate. The Court may adjourn the Final Approval Hearing or decide to hold the Final Approval Hearing telephonically without further individual notice to the Cla sses. The Court approves the form, substance, and requirements of the Notice of Proposed Settlement of Class Action ("Notice") and Proof of Claim and Release, substantially in the forms annexed to docket item 404 as Exhibits and 2, respe ctively. The Court approves the form of the Summary Notice of Proposed Settlement of Class Action ("Summary Notice"), substantially in the form annexed to item 404 Exhibit 3. Not later than Jan. 15, 2021 (the "Notice Date"), the Claims Administrator shall cause a copy of the Notice and Proof of Claim and Release, substantially in the forms annexed hereto, to be mailed by First-Class Mail to all Members of the Classes who can be identified with reasonable effort and to b e posted on the case-designated website, www.MetLifeSecuritiesLitigation.com. Not later than Jan. 15, 2021 the Claims Administrator shall cause the Summary Notice to be published once in The Wall Street Journal, and once over a national newswire service. Members of the Classes who wish to participate in the Settlement shall complete and submit a Proof of Claim and Release in accordance with the instructions contained therein. Unless the Court orders otherwise, all Proofs of Claim and Release must be postmarked or submitted electronically no later than Feb. 26, 2021. Any Member of the Classes may appear at the Final Approval Hearing and object if he, she, or it has any reason why the proposed Settlement of the Litigation shou ld not be approved as fair, reasonable and adequate, or why a judgment should not be entered thereon, why the Plan of Allocation should not be approved, or why attorneys' fees, together with costs, charges and expenses should not be awarded or awards to Lead Plaintiff should not be awarded; provided, however, that no Member of the Classes or any other Person shall be heard at the Final Approval Hearing or entitled to contest the approval of the terms and conditions of the proposed Sett lement, or, if approved, the Judgment to be entered thereon approving the same, or the order approving the Plan of Allocation, or any attorneys' fees, together with costs and expenses to be awarded to Lead Counsel or any award to Lead Plaintif f, unless the Person objecting has filed said written objections and copies of any papers and briefs with the Clerk of the United States District Court for the Southern District of New York and mailed copies thereof by first-class mail to Robbins Geller Rudman & Dowd LLP, Shawn A. Williams, Post Montgomery Center, One Montgomery Street, Suite 1800, San Francisco, CA 94104 and Maeve O'Connor, Debevoise & Plimpton LLP, 919 Third Avenue, New York, NY 10022 no later than Feb. 26, 2021. Al l papers in support of the Settlement, Plan of Allocation, and any application by Lead Counsel for attorneys' fees, costs, charges and expenses and awards to Lead Plaintiff shall be filed and served no later than Mar. 26, 2021, and any reply papers shall be filed and served not later than Apr. 3, 2021. (And as further set forth herein.) IT IS SO ORDERED. (Status Conference set for 4/14/2021 at 10:00 AM before Judge Lewis A. Kaplan.) (Signed by Judge Lewis A. Kaplan on 11/24/2020) (jca)
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