Golan v. Deutsche Bank Securities Inc.

Filing 44

OPINION & ORDER: On December 28, 2015, defense counsel submitted via email a settlement agreement ("the Agreement") and proposed stipulation of dismissal with prejudice in this matter arising under the Fair Labor Standards Act ("FLS A"), 29 U.S.C. § 201 et seq. For the reasons that follow, the Court declines to approve the settlement and directs the parties to submit additional information. In light of this ruling, the parties may proceed in one of the three foll owing ways: 1. The parties may file a revised agreement by January 15, 2016, that addresses the concerns expressed in this order. The parties also shall file a joint letter that (1) describes the bona fides of the dispute and identifies and expl ains the amount that plaintiff could receive if he prevailed at trial, and (2) explains why the settlement amount and the portion of the settlement allocated to attorneys' fees are fair and reasonable. Plaintiffs counsel also shall submit con temporaneous time records, and information regarding the hourly rate for all attorneys and support staff who have worked on this case; or 2. The parties may file a joint letter by January 15, 2016, indicating their intention to abandon the set tlement and to continue litigating this matter; or 3. The parties may stipulate to a dismissal of this case without prejudice, as such settlements do not require Court approval. See Cheeks, 796 F.3d at 201 n. 2. (As further set forth in this Order) (Signed by Judge Paul A. Engelmayer on 12/29/2015) (kl)