FrontPoint Asian Event Driven Fund, Ltd. et al v. Citibank, N.A. et al
Filing 570
FINAL APPROVAL ORDER OF CLASS ACTION SETTLEMENT WITH DEUTSCHE BANK AG. IT IS HEREBY ORDERED, ADJUDGED, AND DECREED THAT: In so holding, the Court finds that, solely for purposes of settlement, the Settlement Class meets all of the applicable requir ements of FED. R. CIV. P. 23(a) and (b)(3). The Court hereby finds, in the specific context of this Settlement, that: (i) the Settlement Class is so numerous that joinder of all Settlement Class Members is impracticable, FED. R. Crv. P. 23(a)(l); (ii) common questions of law and fact exist with regard to Deutsche Bank's alleged manipulation of SIBOR-and/or SOR-based Derivatives, FED. R. Civ. P. 23(a)(2); (iii) the Representative Plaintiffs' claims in this litigation are typical of those of the Settlement Class Members, FED. R. CIV. P. 23(a)(3); (iv) the Representative Plaintiffs' interests do not conflict with, and are co-extensive with, those of absent Settlement Class Members; and (v) Lowey Dannenberg, P.C. ("Cla ss Counsel") has adequately represented the interests of the Settlement Class, FED. R. CIV. P. 23(a)( 4). The Court also finds that common issues of fact and law predominate over any questions affecting only individual members and that a clas s action is superior to other available methods for fairly and efficiently adjudicating this controversy. FED. R. Civ. P. 23(b)(3). Representative Plaintiffs are hereby approved to serve as representatives of such Settlement Class for purposes of the Settlement. Lowey Dannenberg, P.C. is appointed Class Counsel to the Settlement Class for the purposes of the Settlement. In the Action only and solely for purposes of the Settlement, this Court: (i) has personal jurisdiction over Representati ve Plaintiffs, Deutsche Bank, and all Settlement Class Members, and (ii) subject matter jurisdiction over the Action to consider the Settlement Agreement and all exhibits attached thereto. Pursuant to Rule 23 of the Federal Rules of Civil Proced ure, this Court hereby finally approves the Settlement, as set forth in the Settlement Agreement, and finds that the Settlement is, in all respects, fair, reasonable and adequate, and in the best interests of the Settlement Class, including the Re presentative Plaintiffs. In reaching this conclusion, the Court considered the factors set forth in City of Detroit v. Grinnell Corp., 495 F.2d 448, 463 (2d Cir 1974), abrogated on other grounds by Goldberger v. Integrated Res., Inc., 209 F.3d 43 (2d Cir. 2000). This Court fiuther finds that the Settlement set forth in the Settlement Agreement is the result of arm's-length negotiations between experienced counsel representing the interests of the Parties, and that Class Counsel and the Representative Plaintiffs adequately represented the Settlement Class for the purpose of entering into and implementing the Settlement Agreement. The Court finds that the relief provided by the Settlement is adequate and Settlement Class Members are treated equitably. Accordingly, the Settlement embodied in the Settlement Agreement is hereby approved in all respects. The Parties are hereby directed to carry out the Settlement Agreement in accordance with all of its terms and provisions, including the termination provisions. The Court hereby approves the release and covenant not to sue set forth in Section 12 of the Settlement and directs dismissal of the Action as against Deutsche Bank and any Released Parties (but not any other Defendant) fully, finally and with prejudice, pursuant to the terms of the Settlement and the Final Judgment to be entered concurrently herewith. The Court permanently bars and enjoins the Releasing Parties and all Settling Class Members from: (a) filing, commencing, prosecuting, intervening in, or participating ( as class members or otherwise) in any other lawsuit or administrative, regulatory, arbitration, or other proceeding in any jurisdiction against Deutsche Bank or any Released P arties based on the Released Claims; (b) filing, commencing, or prosecuting a lawsuit or administrative, regulatory, arbitration, or other proceeding as a class action on behalf of any Settlement Class Members (including by seeking to amend a pend ing complaint to include class allegations or seeking class certification in a pending action), against Deutsche Bank or any Released Parties based on the Released Claims; (c) organizing members of the Settlement Class into a separate group, class , or subclass for purposes of pursuing as a purported class action any lawsuit or administrative, regulatory, arbitration, or other proceeding (including by seeking to amend a pending complaint to include class allegations, or seeking class ce rtification in a pending action) against Deutsche Bank or any Released Parties based on the Released Claims; or (d) assisting any third party in the prosecution of any Released Claims against Deutsche Bank or any Released Parties and as further se t forth in this Order. The Distribution Plan and the Proof of Claim and Release Form are each approved as fair, reasonable, and adequate. Class Counsel's request for attorneys' fees and reimbursement of expenses (and Incentive Awards for the Representative Plaintiffs) shall be the subject of a separate order by the Court. IT IS SO ORDERED. (Signed by Judge Alvin K. Hellerstein on 11/29/22) (yv)
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