FrontPoint Asian Event Driven Fund, Ltd. et al v. Citibank, N.A. et al

Filing 569

ORDER AWARDING INCENTIVE A WARDS TO PLAINTIFFS. IT IS HEREBY ORDERED, ADJUDGED AND DECREED THAT: The Court hereby awards Incentive Awards as follows in recognition of the recipient's contributions and reasonable expenses related to the Action on behalf of the Settlement Class: a. $125,000 to Fund Liquidation Holdings, LLC; b. $ 125,000 to Moon Capital Partners Master Fund Ltd.;c. $ 125,000 to Moon Capital Master Fund Ltd.; Without affecting the finality of this Order in any way, this Court hereby retains continuing jurisdiction over the Parties and the Class Members for all matters relating to this Action, including the administration, interpretation, effectuation, or enforcement of this Order. IT IS SO ORDERED. (Signed by Judge Alvin K. Hellerstein on 11/29/22) (yv)

-------------

Case 1:16-cv-05263-AKH Document 569 Filed 12/01/22 Page 1 of 3

fer rs-~

IN THE UNITED STATES DISTRICT COURT
FOR THE SOUTHERN DISTRICT OF NEW YORK

FUND LIQUIDATION HOLDINGS LLC, as assignee and
successor-in-interest to FrontPoint Asian Event Driven Fund
L.P., MOON CAPITAL PARTNERS MASTER FUND
LTD., and MOON CAPITAL MASTER FUND LTD., on
behalf of themselves and all others similarly situated,

Docket No. 16-cv-05263 (AKH)

Plaintiffs,
V.

CITIBANK, N.A., BANK OF AMERICA, N.A.,
JPMORGAN CHASE BANK, N.A., THE ROY AL BANK
OF SCOTLAND PLC, UBS AG, BNP PARIBAS, S.A.,
OVERSEA-CHINESE BANKING CORPORATION LTD.,
BARCLAYS BANK PLC, DEUTSCHE BANK AG,
CREDIT AGRICOLE CORPORATE AND INVESTMENT
BANK, CREDIT SUISSE AG, STANDARD CHARTERED
BANK, DBS BANK LTD., ING BANK, N.V., UNITED
OVERSEAS BANK LIMITED, AUSTRALIA AND NEW
ZEALAND BANKING GROUP, LTD., THE BANK OF
TOKYO-MITSUBISHI UFJ, LTD., THE HONGKONG
AND SHANGHAI BANKING CORPORATION LIMITED,
COMMERZBANK AG, AND JOHN DOES NOS. 1-50,
Defendants .

..fllH.Of'69E.8t
ORDER AWARDING INCENTIVE A WARDS TO PLAINTIFFS

This matter came for a duly-noticed hearing on November 29, 2022 (the "Fairness
Hearing"), upon Plaintiffs' Counsel's Motion for Award of Attorneys' Fees and Reimbursement
of Expenses and Plaintiffs' Request for Incentive Awards ("Fee and Expense Application") in the
above-captioned action (the "Action"). The Court has considered the Fee and Expense Application
and all supporting and other related materials, including the matters presented at the Fairness
Hearing.

Due and adequate notice of the settlement agreements between Representative

Case 1:16-cv-05263-AKH Document 569 Filed 12/01/22 Page 2 of 3

Plaintiffs' 1 and Settling Defendants 2 (the "Settlement Agreements") having been given to the
Settlement Class Members, the Fairness Hearing having been held, and the Court having
considered all papers filed and proceedings held herein, having found the settlement to be fair,
reasonable and adequate, and otherwise being fully informed in the premises and good cause
appearing therefor,
IT IS HEREBY ORDERED, ADJUDGED AND DECREED THAT:

1.

This Court has personal jurisdiction over Plaintiffs and Settling Defendants (the

"Parties") and all Settlement Class Members who have not timely and validly requested exclusion
and subject matter jurisdiction over the Action to approve the Settlement Agreements and all
exhibits attached thereto.
2.

Notice of the Fee and Expense Application was provided to potential Settlement

Class Members in a reasonable manner, and such notice complies with Rule 23(h)(l) of the Federal
Rules of Civil Procedure and due process requirements.
3.

The Court hereby awards Incentive Awards as follows in recognition of the

recipient's contributions and reasonable expenses related to the Action on behalf of the Settlement
Class:

1

Representative Plaintiffs are Fund Liquidation Holdings, LLC, individually and as assignee and successor-in-interest
to FrontPoint Asian Event Driven Fund, L.P., Moon Capital Partners Master Fund Ltd., and Moon Capital Master
Fund Ltd. (hereinafter and collectively "Plaintiffs"). Unless otherwise noted, ECF citations are to the docket in Fund
Liquidation Holdings LLC, et al. v. Citibank, NA ., et al., No. 16-cv-05263 (AKH) (S.D.N.Y.) and internal citations
and quotation marks are omitted. In addition, unless othe1wise defined, capitalized terms herein have the same
meaning as in the Settlement Agreements. ECF Nos. 4 73-1, 4 73-2, 4 73-3, 4 73-4, 4 73-5, 4 73-6, and 499-1.
2

"Settling Defendants" include (1) Citibank, N.A. and Citigroup Inc., (2) JPMorgan Chase & Co., (3) The Hongkong
and Shanghai Banking Corporation Limited, (4) Credit Suisse AG, (5) Deutsche Bank AG, (6) ING Bank N.V., (7)
Australia and New Zealand Banking Group, Ltd., (8) Bank of America, N.A., (9) Barclays Bank PLC, (10) BNP
Paribas, S.A., (11) Commerzbank AG, (12) Credit Agricole Corporate and Investment Bank, (13) DBS Bank Ltd.,
(14) MUFG Bank, Ltd. (f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd.), (15) Oversea-Chinese Banking Corporation
Limited, (16) The Royal Bank of Scotland plc (n/k/a NatWest Markets plc), (17) Standard Chartered Bank, (18) UBS
AG, and (19) United Overseas Bank Limited.

2

Case 1:16-cv-05263-AKH Document 569 Filed 12/01/22 Page 3 of 3

4.

a.

$125,000
$_________
to Fund Liquidation Holdings, LLC;

b.

$125,000
$________
to Moon Capital Partners Master Fund Ltd.;

c.

$125,000
$_________
to Moon Capital Master Fund Ltd.;

Without affecting the finality of this Order in any way, this Court hereby retains

continuing jurisdiction over the Parties and the Class Members for all matters relating to this
Action, including the administration, interpretation, effectuation, or enforcement of this Order.
5.

In the event the Settlement Agreements are terminated, or the Effective Date does

not occur in accordance with the terms of the Settlements, this Order shall be null and void, of no
further force or effect, and without prejudice to any of the Parties, and may not be introduced as
evidence or used in any actions or proceedings by any Person against the Parties.
6.

Pursuant to the Settlement Agreements, Incentive Awards are independent of the

Court's consideration of the fairness, reasonableness, and adequacy of the Settlements and are also
independent of the Court's consideration of the Distribution Plan.
7.

The Incentive Awards may be paid from the Settlement Funds upon entry of this

Order, subject to the terms, conditions, and obligations of the Settlement Agreements which terms,
conditions, and obligations are incorporated herein.
IT IS SO ORDERED.
Signed trusJ,f)day o�

nited States District Judge

3