In re Signet Jewelers Limited Securities Litigation

Filing 275

ORDER APPROVING DISTRIBUTION PLAN granting 271 Motion for Disbursement of Funds. IT IS HEREBY ORDERED THAT: 1. This Order incorporates by reference the definitions m the Stipulation and Agreement of Settlement dated as of March 16, 2020 (ECF No . 247-1) (" Stipulation") and the Segura Declaration, and all terms used in this Order shall have the same meanings as defined in the Stipulation or in the Segura Declaration. 2. This Court has jurisdiction over the subject matter of the Ac tion and over all parties to the Action, including all Class Members. Lead Plaintiffs plan for distribution of the Net Settlement Fund to Authorized Claimants is APPROVED. Accordingly: (a) The administrative determinations of the Court-approved Claim s Administrator, JND Legal Administration ("JND"), to accept the Timely Eligible Claims stated in Exhibit D to the Segura Declaration and the Late But Otherwise Eligible Claims stated in Exhibit E to the Segura Declaration are adopted; (b) The Claims Administrator's administrative determinations to reject the Rejected Claims, as stated in Exhibit F to the Segura Declaration, are adopted; (c) JND is directed to conduct the Initial Distribution of the Net Settlement Fund after deduc ting all payments previously allowed, payments approved by this Order, and any estimated taxes, the costs of preparing appropriate tax returns, and any escrow fees, while maintaining a 10% reserve from the Net Settlement Fund to address any tax liability or claims administration-related contingencies that may arise. Specifically, as stated in paragraph 45(a) of the Segura Declaration: (1) JND will calculate award amounts for all Authorized Claimants as if the entire Net Settlement Fund wer e to be distributed now. JND will calculate each Authorized Claimant's pro rata share of the Net Settlement Fund based on the amount of the Authorized Claimant's Recognized Claim in comparison to the total Recognized Claims of all Authorize d Claimants; (2) JND will then eliminate from the Initial Distribution any Authorized Claimant whose total pro rata share of the Net Settlement Fund is less than $10.00. These Claimants will not receive any payment from the Net Settlement Fund a nd will be so notified by JND; (3) After eliminating Claimants who would have received less than $10.00, JND will recalculate the pro rata shares of the Net Settlement Fund for Authorized Claimants who would have received $10.00 or more bas ed on the amount of the Authorized Claimant's Recognized Claim in comparison to the total Recognized Claims of all Authorized Claimants who would have received $10.00 or more. This pro rata share is the Authorized Claimant's "Dist ribution Amount"; (4) Authorized Claimants whose Distribution Amount calculates to less than $200.00 will be paid their full Distribution Amount in the Initial Distribution ("Claims Paid in Full"). These Authorized Claimants will receive no additional funds in subsequent distributions; (5) 90% of the remaining balance of the Net Settlement Fund will be distributed pro rata to Authorized Claimants whose Distribution Amount calculates to $200. 00 or more. The remainin g 10% of the Net Settlement Fund will be held in the Reserve to address any tax liability or claims administration-related contingencies that may arise following the Initial Distribution. To the extent the Reserve is not depleted, the remainder will be distributed in the Second Distribution described in subparagraph (f) below. (d) To encourage Authorized Claimants to cash their checks promptly, all distribution checks will bear the following notation: "CASH PROMPTLY. VOID AND SUBJECT T O REDISTRIBUTION IF NOT CASHED BY [DATE 90 DAYS AFTER ISSUE DATE]." Lead Counsel and JND are authorized to take appropriate action to locate and contact Authorized Claimants who have not cashed their checks within said time as detailed in paragr aph 45(b) of the Segura Declaration; After JND has made reasonable and diligent efforts to have Authorized Claimants cash their Initial Distribution checks (as provided in paragraph 45(b) of the Segura Declaration), but not earlier than five (5) mont hs after the Initial Distribution, JND will, after consulting with Lead Counsel, conduct the Second Distribution, in which any amount remaining in the Net Settlement Fund, after deducting any unpaid fees and expenses incurred, will be distributed to all Authorized Claimants who cashed their Initial Distribution check and are entitled to receive at least $10.00 from the Second Distribution based on their pro rata share of the remaining funds. After the Second Distribution, if any funds remai n in the Net Settlement Fund, and if cost effective, subsequent distributions will take place at six-month intervals; All of JND's fees and expenses incurred in the administration of the Settlement and estimated to be incurred in connection with the Initial Distribution of the Net Settlement Fund as stated in the invoices attached as Exhibit G to the Segura Declaration are approved, and Lead Counsel is directed to pay the outstanding balance of $167,903.70 out of the Settlement Fund to JND. This Court retains jurisdiction to consider any further applications concerning the administration of the Settlement, and any other and further relief that this Court deems appropriate. (as further set forth herein). SO ORDERED.. (Signed by Judge Colleen McMahon on 11/16/2021) (kv) Transmission to Finance Unit (Cashiers) for processing.

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UNITED ST ATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

IN RE SIGNET JEWELERS LIMITED
SECURITIES LITIGATION

Civil Action No. 1: 16-cv-06728-CM-SDA

....

USDCSDNY
DOCUMENT
ELECTRONICALLY FILEn
DOC#: _ _ _-+--.\.-"1 DATE

Fll,ED:_J i / J ~

_j

%JD) ORDER APPROVING DISTRIBUTION PLAN
Lead Plaintiff moved this Court for an order approving a distribution plan for the Net
Settlement Fund in the above-captioned securities class action (the "Action"). Having reviewed
and considered all the materials and arguments submitted in support of the motion, including the
Memorandum of Law in Support of Lead Plaintiffs Motion for Approval of Distribution Plan and
the Declaration of Luiggy Segura in Support of Lead Plaintiffs Motion for Approval of
Distribution Plan ("Segura Declaration"),
NOW, THEREFORE, IT IS HEREBY ORDERED THAT:
1.

This Order incorporates by reference the definitions m the Stipulation and

Agreement of Settlement dated as of March 16, 2020 (ECF No. 247-1) (" Stipulation") and the
Segura Declaration, and all terms used in this Order shall have the same meanings as defined in
the Stipulation or in the Segura Declaration.
2.

This Court has jurisdiction over the subject matter of the Action and over all parties

to the Action, including all Class Members.

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3.

Lead Plaintiffs plan for distribution of the Net Settlement Fund to Authorized

Claimants is APPROVED . Accordingly:
(a)

The

administrative

determinations

of the

Court-approved

Claims

Administrator, JND Legal Administration ("JND"), to accept the Timely Eligible Claims stated in
Exhibit D to the Segura Declaration and the Late But Otherwise Eligible Claims stated in Exhibit
E to the Segura Declaration are adopted;
(b)

The Claims Administrator' s administrative determinations to reject the

Rejected Claims, as stated in Exhibit F to the Segura Declaration, are adopted ;
(c)

JND is directed to conduct the Initial Distribution of the Net Settlement

Fund after deducting all payments previously allowed, payments approved by this Order, and any
estimated taxes, the costs of preparing appropriate tax returns, and any escrow fees, while
maintaining a 10% reserve from the Net Settlement Fund to address any tax liability or claims
administration-related contingencies that may arise.
Specifically, as stated in paragraph 45(a) of the Segura Declaration:
(1) JND will calculate award amounts for all Authorized Claimants as if the entire
Net Settlement Fund were to be distributed now. JND will calculate each
Authorized Claimant's pro rata share of the Net Settlement Fund based on the
amount of the Authorized Claimant' s Recognized Claim in comparison to the total
Recognized Claims of all Authorized Claimants; (2) JND will then eliminate from
the Initial Distribution any Authorized Claimant whose total pro rata share of the
Net Settlement Fund is less than $10.00. These Claimants will not receive any
payment from the Net Settlement Fund and will be so notified by JND; (3) After
eliminating Claimants who would have received less than $10.00, JND will

2

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recalculate the pro rata shares of the Net Settlement Fund for Authorized Claimants
who would have received $10.00 or more based on the amount of the Authorized
Claimant's Recognized Claim in comparison to the total Recognized Claims of all
Authorized Claimants who would have received $10.00 or more. This pro rat a
share is the Authorized Claimant's "Distribution Amount"; (4) Authorized
Claimants whose Distribution Amount calculates to less than $200.00 will be paid
their full Distribution Amount in the Initial Distribution ("Claims Paid in Full").
These Authorized Claimants will receive no additional funds in subsequent
distributions ; (5) 90% of the remaining balance of the Net Settlement Fund will be
distributed pro rata to Authorized Claimants whose Distribution Amount calculates
to $200. 00 or more. The remaining 10% of the Net Settlement Fund will be held in
the Reserve to address any tax liability or claims administration-related
contingencies that may arise following the Initial Distribution. To the extent the
Reserve is not depleted, the remainder will be distributed in the Second Distribution
described in subparagraph (f) below.
(d)

To encourage Authorized Claimants to cash their checks promptly, all

distribution checks will bear the following notation: " CASH PROMPTLY. VOID AND SUBJECT
TO REDISTRIBUTION IF NOT CASHED BY [DATE 90 DAYS AFTER ISSUE DATE]." Lead
Counsel and JND are authorized to take appropriate action to locate and contact Authorized
Claimants who have not cashed their checks within said time as detailed in paragraph 45(b) of the
Segura Declaration;
(e)

Authorized Claimants who do not cash their Initial Distribution checks

within the time allotted or on the conditions stated in paragraph 45(b) of the Segura Declaration

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will irrevocably forfeit all recovery from the Settlement, and the funds allocated to these staledated checks will be available to be distributed to other Authorized Claimants in the Second
Distribution. Similarly, Authorized Claimants who do not cash their distribution checks in the
Second Distribution or subsequent distributions, should such distributions occur, within the time
allotted or on the conditions stated in paragraph 45(b) of the Segura Declaration will irrevocably
forfeit any further recovery from the Net Settlement Fund;

(f)

After JND has made reasonable and diligent efforts to have Authorized

Claimants cash their Initial Distribution checks (as provided in paragraph 45(b) of the Segura
Declaration), but not earlier than five (5) months after the Initial Distribution, JND will, after
consulting with Lead Counsel, conduct the Second Distribution, in which any amount remaining
in the Net Settlement Fund, after deducting any unpaid fees and expenses incurred, will be
distributed to all Authorized Claimants who cashed their Initial Distribution check and are entitled
to receive at least $10.00 from the Second Distribution based on their pro rata share of the
remaining funds. After the Second Distribution, if any funds remain in the Net Settlement Fund,
and if cost effective, subsequent distributions will take place at six-month intervals;
(g)

When Lead Counsel, in consultation with JND, determines that further

distribution of the funds remaining in the Net Settlement Fund is not cost-effective, if sufficient
funds remain to warrant the processing of Claims received after September 27, 2021, those Claims
will be processed, and any otherwise valid Claims received after September 27, 2021, as well as
any earlier-received Claims for which an upward adjustment was received after September 27,
2021 , will be paid in accordance with subparagraph (h) below. If any funds remain in the Net
Settlement Fund after payment of these Claims and unpaid fees or expenses, the remaining funds
will be contributed to the National Consumer Law Center ("NCLC");

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(h)

No new Claims may be accepted after September 27, 2021, and no further

adjustments to Claims received on or before September 27, 2021, that would result in an increased
Recognized Claim amount may be made for any reason after September 27, 2021, subject to the
following exception. If Claims are received or modified after September 27, 2021, that would have
been eligible for payment or additional payment under the Court-approved Plan of Allocation if
timely received, then, at the time that Lead Counsel, in consultation with JND, determines a
distribution is not cost-effective as provided in subparagraph (g) above, and after payment of any
unpaid fees or expenses incurred in connection with administering the Net Settlement Fund and
after deducting the payment of any estimated taxes, the costs of preparing appropriate tax returns,
and any escrow fees, these Claimants, at the discretion of Lead Counsel and to the extent possible,
may be paid their distribution amounts or additional distribution amounts on a pro rata basis that
would bring them into parity with other Authorized Claimants who have cashed all their prior
distribution checks;
4.

The Court finds that the administration of the Settlement and the proposed

distribution of the Net Settlement Fund comply with the terms of the Stipulation and Plan of
Allocation approved by this Court and that all persons involved in the review, verification,
calculation, tabulation, or any other aspect of the processing of the Claims submitted, or who are
otherwise involved in the administration or taxation of the Settlement Fund or the Net Settlement
Fund, are hereby released and discharged from any and all claims arising out of that involvement,
and all Class Members and other Claimants, whether or not they receive payment from the Net
Settlement Fund, are hereby barred from making any further claims against the Net Settlement
Fund, Lead Plaintiff, Lead Counsel, the Claims Administrator, the Escrow Agent or any other
agent retained by Lead Plaintiff or Lead Counsel in connection with the administration or taxation

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of the Settlement Fund or the Net Settlement Fund, or any other person released under the
Settlement beyond the amounts allocated to Authorized Claimants.
5.

All of JND ' s fees and expenses incurred in the administration of the Settlement and

estimated to be incurred in connection with the Initial Distribution of the Net Settlement Fund as
stated in the invoices attached as Exhibit G to the Segura Declaration are approved, and Lead
Counsel is directed to pay the outstanding balance of $167,903.70 out of the Settlement Fund to
JND.
6.

Unless otherwise ordered by the Court, JND may destroy the paper copies of the

Claims and all supporting documentation one year after the Initial Distribution, and one year after
all funds have been distributed may destroy the electronic copies of the same.
7.

This Court retains jurisdiction to consider any further applications concerning the

administration of the Settlement, and any other and further relief that this Court deems appropriate .
SOORDEREDthis _/lz,_ dayof

I

~

2021.

{L1Jv(_
Colleen McMahon
United States District Judge

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