Villella et al v. Chemical & Mining Co. of Chile Inc. et al

Filing 262

ORDER AWARDING ATTORNEYS' FEES AND EXPENSES AND AN AWARD TO LEAD PLAINTIFF PURSUANT TO 15 U.S.C. §78u-4(a)(4): IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that: 1. This Order incorporates by reference the definitions in the Stipulation of Settlement dated December 11, 2020 (the "Stipulation"), and all capitalized terms used, but not defined herein, shall have the same meanings as set forth in the Stipulation. 2. This Court has jurisdiction over the subject matter of this a pplication and all matters relating thereto, including all Members of the Class who have not timely and validly requested exclusion. The Court hereby awards Lead Counsel attorneys' fees of 17.5% of the Settlement Amount, plus expenses in the amount of $1,152,798.55, together with the interest earned on both amounts for the same time period and at the same rate as that earned on the Settlement Fund until paid. The Court finds that the amount of fees awarded is fair, reasonable , and appropriate under the "percentage-of-recovery" method. Lead Plaintiff's Counsel have devoted over 19,900 hours, with a lodestar value of $10,517,107.25, to achieve the Settlement; as further set forth in this Order. (Signed by Judge Edgardo Ramos on 4/26/2021) (cf)

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

x
MEGAN VILLELLA, Individually and on
:
Behalf of All Others Similarly Situated,
:
:
Plaintiff,
:
:
vs.
:
:
CHEMICAL AND MINING COMPANY OF :
CHILE INC., et al.,
:
:
Defendants.
:
x

Civil Action No. 1:15-cv-02106-ER-GWG
(Consolidated)
CLASS ACTION
[PROPOSED] ORDER AWARDING
ATTORNEYS’ FEES AND EXPENSES AND
AN AWARD TO LEAD PLAINTIFF
PURSUANT TO 15 U.S.C. §78u-4(a)(4)

This matter having come before the Court on April 2, 2021, on the motion of Lead Counsel
for an award of attorneys’ fees and expenses (the “Fee Motion”), the Court, having considered all
papers filed and proceedings conducted herein, having found the Settlement of this Litigation to be
fair, reasonable and adequate, and otherwise being fully informed in the premises and good cause
appearing therefore;
IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that:
1.

This Order incorporates by reference the definitions in the Stipulation of Settlement

dated December 11, 2020 (the “Stipulation”), and all capitalized terms used, but not defined herein,
shall have the same meanings as set forth in the Stipulation.
2.

This Court has jurisdiction over the subject matter of this application and all matters

relating thereto, including all Members of the Class who have not timely and validly requested
exclusion.
3.

Notice of Lead Counsel’s Fee Motion was given to all Class Members who could be

located with reasonable effort. The form and method of notifying the Class of the Fee Motion met
the requirements of Rule 23 of the Federal Rules of Civil Procedure and 15 U.S.C. §78u-4(a)(7), the
Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of
1995, due process, and any other applicable law, constituted the best notice practicable under the
circumstances, and constituted due and sufficient notice to all persons and entities entitled thereto.
4.

The Court hereby awards Lead Counsel attorneys’ fees of 17.5% of the Settlement

Amount, plus expenses in the amount of $1,152,798.55, together with the interest earned on both
amounts for the same time period and at the same rate as that earned on the Settlement Fund until
paid. The Court finds that the amount of fees awarded is fair, reasonable, and appropriate under the
“percentage-of-recovery” method.
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5.

The awarded attorneys’ fees and expenses and interest earned thereon, shall be paid to

Lead Counsel immediately upon execution of the Final Judgment and Order of Dismissal with
Prejudice and this Order and subject to the terms, conditions, and obligations of the Stipulation, and
in particular, ¶6.2 thereof, which terms, conditions, and obligations are incorporated herein.
6.

In making this award of fees and expenses to Lead Counsel, the Court has considered

and found that:
(a)

the Settlement has created a fund of $62,500,000 in cash that is already on

deposit, and numerous Class Members who submit, or have submitted, valid Proof of Claim and
Release forms will benefit from the Settlement created by Lead Counsel;
(b)

over 85,000 copies of the Notice were disseminated to potential Class

Members indicating that Lead Counsel would move for attorneys’ fees in an amount not to exceed
17.5% of the Settlement Amount and for expenses in an amount not to exceed $1,400,000, plus
interest on both amounts, and no objections to the fees or expenses were filed by Class Members;
(c)

Lead Counsel has pursued the Litigation and achieved the Settlement with

skill, perseverance, and diligent advocacy;
(d)

Lead Counsel has expended substantial time and effort pursuing the Litigation

on behalf of the Class;
(e)

Lead Counsel pursued the Litigation on a contingent basis, having received no

compensation during the Litigation, and any fee amount has been contingent on the result achieved;
(f)

the Litigation involves complex factual and legal issues and, in the absence of

settlement, would involve lengthy proceedings whose resolution would be uncertain;
(g)

had Lead Counsel not achieved the Settlement, there would remain a

significant risk that the Class may have recovered less or nothing from the Defendant;
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(h)

Lead Plaintiff’s Counsel have devoted over 19,900 hours, with a lodestar

value of $10,517,107.25, to achieve the Settlement;
(i)

public policy concerns favor the award of reasonable attorneys’ fees and

expenses in securities class action litigation; and
(j)

the attorneys’ fees and expenses awarded are fair and reasonable and

consistent with awards in similar cases within the Second Circuit.
7.

Any appeal or any challenge affecting this Court’s approval regarding the Fee Motion

shall in no way disturb or affect the finality of the Judgment entered with respect to the Settlement.
8.

Pursuant to 15 U.S.C. §78u-4(a)(4), the Court awards $12,697 to Lead Plaintiff the

Council of the Borough of South Tyneside Acting in Its Capacity as the Administering Authority of
the Tyne and Wear Pension Fund for the time it spent directly related to its representation of the
Class.
9.

In the event that the Settlement is terminated or does not become Final or the

Effective Date does not occur in accordance with the terms of the Stipulation, this Order shall be
rendered null and void to the extent provided in the Stipulation and shall be vacated in accordance
with the Stipulation.
IT IS SO ORDERED.
April 26, 2021
DATED: ______________________

________________________________________
THE HONORABLE EDGARDO RAMOS
UNITED STATES DISTRICT JUDGE

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