Toohey v. Portfolio Recovery Associates, LLC et al

Filing 128

PRELIMINARY APPROVAL ORDER granting 125 Motion: IT IS HEREBY ORDERED, ADJUDGED AND DECREED as follows: 1. The Court has jurisdiction over the subject matter of this Action and over the Settling Parties. The Court hereby preliminarily approves the proposed Settlement as embodied in the Settlement Agreement, and subject to further consideration of the Settlement at the Settlement Hearing to be conducted as described below, preliminarily finds that the Settlement is (i) the result of serious, e xtensive arm's-length and non-collusive negotiations; (ii) falls within a range of reasonableness warranting final approval; (iii) has no obvious deficiencies; (iv) does not improperly grant preferential treatment to the Plaintiffs or segments o f the Settlement Class; and (v) warrants notice of the proposed Settlement to Class Members, as described below. A hearing (the "Fairness Hearing") will be held on July 16, 2020, at 10:00 a.m. before the Honorable George B. Daniels in Court room 11A of the United States District Court for the Southern District of New York, 500 Pearl Street, New York, New York, 10007 to determine, among other things: a. whether the proposed Settlement of the Action on the terms and conditions provided in the Settlement Agreement is fair, reasonable, and adequate and should be approved by the Court, and as further set forth in this order. All proceedings in this Action are stayed until further Order of the Court, except as may be necessary to implem ent the Settlement or comply with the terms of the Settlement Agreement and this Order. The Court retains exclusive jurisdiction over the Action to consider all further matters arising out of or connected with the Settlement. (Signed by Judge George B. Daniels on 3/5/2020) (jwh)