Niksich v. Iconix Brand Group, Inc. et al

Filing 172

ORDER AWARDING ATTORNEYS' FEES AND EXPENSES granting (155) MOTION for Attorney Fees and Reimbursement of Litigation Expenses in case 1:15-cv-04860-PGG. lT JS HEREBY ORDERED, ADJUDGED, AND DECREED that: This Order incorporates by reference the d efinitions in the Stipulation of Settlement and Release dated September 16, 2019 (the "Stipulation"), and all capitalized terms used but not defined herein shall have the same meanings as set forth in the Stipulation. This Court has ju risdiction 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. The Court hereby awards Lead Counsel attorneys' fees of 25� 37; of the Settlement Amount, plus expenses in the amount of $165,465.92, 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 th at the amount of fees awarded is fair, reasonable, and appropriate under the "percentage-of-recovery" method. (And as further set forth herein.) IT IS SO ORDERED. (Signed by Judge Paul G. Gardephe on 1/23/2020) Filed In Associated Cases: 1:15-cv-04860-PGG, 1:15-cv-04981-PGG, 1:15-cv-06658-PGG (jca)

#

Case 1:15-cv-04860-PGG Document 167

Filed 01/16/20 Page 1 of 5

UNITED STA TES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

---------------------------------x
IN RE: ICON IX BRAND GROUP, JNC., et al. :

Civil Action No. I: I 5-cv-04860-PGG
Class Action

This Document Relates To All Actions

Hus@

sip] ORDER AWARDING

ATTORNEYS' FEES AND EXPENSES

---------------------------------x
This matter having come before the Court on January 23, 2020, 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;
lT JS HEREBY ORDERED, ADJUDGED, AND DECREED that:
1.

This Order incorporates by reference the definitions in the Stipulation of

Settlement and Release dated September 16, 2019 (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. §78u4(a)(7), the Securities Exchange Act of 1934, as amended by the Private Securities Litigation

t

Case 1:15-cv-04860-PGG

Document 167

Filed 01/16/20 Page 2 of 5

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 25% of the Settlement

Amount, plus expenses in the amount of $165,465.92, 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.
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 {7.2 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 $6,000,000 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 70,000 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 25% of the Settlement Amount and for expenses in an amount not to exceed $250,000,
plus interest on both amounts;

-2-

Case 1:15-cv-04860-PGG

(c)

Document 167

Filed 01/16/20

Page 3 of 5

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 have involved 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 Defendants;
(h)

Lead Counsel has devoted over 7,000 hours, with a lodestar value of

$4,726,225.80, 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.

The Court has reviewed the objection of James J. Hayes and the arguments

contained therein and hereby overrules the objection.
8.

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.

s

Case 1:15-cv-04860-PGG

9.

Document 167

Filed 01/16/20 Page 4 of 5

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.

st.

[a.

.25,262,
THE HONORABLE PAUL G. GARDEPHE
UNITED STATES DISTRICT JUDGE

- 4

-

Case 1:15-cv-04860-PGG

Document 167

Filed 01/16/20

Page 5 of 5

CERTIFICATE OF SERVICE
I, Robert M. Rothman, hereby certify that on January 16, 2020, I authorized a true and
correct copy of the foregoing document to be electronically filed with the Clerk of the Court using
the CM/ECF system, which will send notification of such public filing to all counsel registered to
receive such notice. I further certify under penalty of perjury under the laws of the United States
of America that the foregoing is true and correct. Executed on January 16, 2020, at Melville, New
York.

Isl Robert M. Rothman
ROBERT M. ROTHMAN