City of Dearborn Heights Act 345 Police & Fire Retirement System v. Chicago Bridge & Iron Company N.V. et al

Filing 444

FINAL JUDGMENT AND ORDER OF DISMISSAL WITH PREJUDICE: IT IS THEREFORE ORDERED, ADJUDGED, AND DECREED: 1. This Judgment incorporates by reference the definitions in the Stipulation, and all capitalized terms used herein shall have the same meanings se t forth in the Stipulation. 2. This Court has jurisdiction over the subject matter of the Action and over all parties to the Action, including Class Members, as further set forth. 14. Pursuant to 15 U.S.C. § 78u-4(a)(4), the Court awards Class R epresentative ALSAR Ltd. Partnership a compensatory award of $60,000, Class Representative Iron Workers Locals 40, 361 & 417 Union Security Funds a compensatory award of $25,000, and Class Representative Iron Workers Local 580 Joint Funds a compensatory award of $20,000, to be paid after the Effective Date, as further set forth. 16. This Action is hereby dismissed in its entirety with prejudice as to all Defendants. 17. All agreements made and orders entered during the course of t he Action relating to the confidentiality of information shall survive this Order, pursuant to their terms. 18. In the event that the Settlement does not become Final in accordance with the Stipulation, or the Effective Date does not occur, this Judg ment shall be rendered null and void to the extent provided by and in accordance with the Stipulation and shall be vacated. In such event, all orders entered and releases delivered in connection herewith shall also be null and void to the extent provided by and in accordance with the Stipulation, and this litigation shall revert to the state at which it existed on January 9, 2022, as further set forth herein. (Signed by Judge Lorna G. Schofield on 8/2/2022) (mml)

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UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
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IN RE CHICAGO BRIDGE & IRON
COMPANY N.V. SECURITIES
LITIGATION

CASE NO. 1:17-CV-1580
___________ FINAL JUDGMENT
PROPOSED
AND ORDER OF DISMISSAL
WITH PREJUDICE

This matter came before the Court for hearing on the application of the Settling Parties for
approval of the Settlement set forth in the Stipulation of Settlement dated February 4, 2022. Due
and adequate notice having been given of the Settlement, and the Court having previously certified
the Class, and having considered all papers filed and proceedings held herein, and good cause
appearing,
IT IS THEREFORE ORDERED, ADJUDGED, AND DECREED:
1.

This Judgment incorporates by reference the definitions in the Stipulation, and all

capitalized terms used herein shall have the same meanings set forth in the Stipulation.
2.

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

to the Action, including Class Members.
3.

Pursuant to Rule 23 of the Federal Rules of Civil Procedure, this Court hereby

approves the Settlement and finds that said Settlement is, in all respects, fair, reasonable, adequate
to, and in the best interests of, the Lead Plaintiff, the Additional Plaintiffs, the Released Plaintiffs’
Parties, and each of the Class Members. This Court further finds the Settlement is the result of
arm’s-length negotiations between experienced counsel representing the interests of the Lead
Plaintiff, the Additional Plaintiffs, the Released Plaintiffs’ Parties, the Class Members, and the
Defendants. Accordingly, the Settlement is hereby approved in all respects and shall be
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consummated in accordance with its terms and provisions. The Parties are hereby directed to
perform the Stipulation.
4.

Except as to any individual claim of those Persons who have validly and timely

requested exclusion from the Class, the Action and all claims contained therein, as well as all the
Settled Claims, are dismissed with prejudice as against each and all of the Released Defendants’
Parties, including all Defendants. Lead Plaintiff, Additional Plaintiffs, the Released Plaintiffs’
Parties, and the Class will not make applications against any of Released Defendants’ Parties, and
Defendants will not make applications against Lead Plaintiff, the Additional Plaintiffs, or the
Released Plaintiffs’ Parties, for fees, costs, or sanctions pursuant to Rule 11, Rule 37, Rule 45 or
any other court rule or statute, with respect to any claims or defenses in this Action or to any aspect
of the institution, prosecution, or defense of this Action.
5.

Upon the Effective Date, Lead Plaintiff, the Additional Plaintiffs, the Released

Plaintiffs’ Parties, and each of the Class Members, shall be deemed to have, and by operation of
this Judgment shall have, fully, finally, and forever released, relinquished, and discharged all
Released Claims (including Unknown Claims) as against the Released Defendants’ Parties,
whether or not such Class Member executes and delivers a Claim Form or participates in the
Settlement Fund.
6.

Upon the Effective Date, all Class Members (including Lead Plaintiff and the

Additional Plaintiffs) and anyone claiming through or on behalf of any of them, except any Person
who has validly and timely requested exclusion from the Class, will be forever barred and enjoined
from commencing, instituting, intervening in or participating in, prosecuting, or continuing to
prosecute any action or other proceeding in any court of law or equity, arbitration tribunal,
administrative forum, or other forum of any kind or character (whether brought directly, in a

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representative capacity, derivatively, or in any other capacity) asserting any of the Released Claims
against any of the Released Defendants’ Parties.
7.

Upon the Effective Date, each of the Released Defendants’ Parties shall be deemed

to have, and by operation of the Judgment shall have, fully, finally, and forever released,
relinquished, and discharged Lead Plaintiff, the Additional Plaintiffs, the Released Plaintiffs’
Parties, each and all of the Class Members, and Class Counsel from all claims whatsoever arising
out of, relating to, or in connection with the investigation, institution, prosecution, assertion,
settlement, or resolution of the Action or the Released Claims, except for those claims brought to
enforce the Settlement.
8.

The Court hereby finds that the distribution of the Notice of Pendency and Proposed

Settlement of Class Action, mailing of Postcard Notice, and emailing and publication of the
Summary Notice as provided for in the Preliminarily Approval Order, as previously ordered at ¶ 7
of the Order Preliminarily Approving Settlement Providing for Notice of Pendency, constituted
the best notice practicable under the circumstances – including individual notice to all Class
Members who could be identified through reasonable effort – of those proceedings and of the
matters set forth therein, including the proposed Settlement, to all Persons entitled to such notice,
and said notice fully satisfied the requirements of Federal Rule of Civil Procedure 23, the
requirements of due process, and any other applicable law.
9.

Neither any objection to this Court’s approval of the Plan of Allocation submitted

by Class Counsel nor to any portion of this order regarding the Attorneys’ Fee and Expense
Application shall in any way disturb or affect the finality of this Judgment.
10.

Neither the Term Sheet, the Stipulation, nor the Settlement, nor any of their terms

or provisions, nor any act performed or document executed pursuant to or in furtherance of them,

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nor any of the negotiations or proceedings connected with them: (a) is or may be deemed to be or
may be used as an admission of, concession or evidence of, the validity of any Released Claim,
the truth of any fact alleged in the Action, the deficiency of any defense that has been or could
have been asserted in the Action, or of any alleged wrongdoing, liability, negligence, or fault of
any Released Defendants’ Parties; or (b) is or may be deemed to be or may be used as an admission,
concession or evidence of, any fault or misrepresentation or omission of, including with respect to
any statement or written document attributed to, approved or made by, any Released Defendants’
Parties in any civil, criminal, administrative, or other proceeding before any court, administrative
agency, arbitration tribunal, or other body. Any Released Defendants’ Parties may file the
Stipulation and/or the Judgment in any other action or other proceeding that may be brought
against them in order to support a defense, argument, or counterclaim based on principles of res
judicata, collateral estoppel, release, good faith settlement, judgment bar or reduction, or any other
theory of claim preclusion or issue preclusion or similar defense, argument, or counterclaim.
11.

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

continuing jurisdiction over: (a) implementation of this Settlement; (b) disposition of the
Settlement Fund; (c) all Parties hereto for the purpose of construing, enforcing and administering
the Stipulation and this Judgment.
12.

After completion of the processing of all claims by the Claims Administrator, the

Escrow Agent shall disburse the Net Settlement Fund in accordance with the Stipulation and Plan
of Allocation without further order of this Court.
13.

The Court finds that during the course of the Action, the Parties and their respective

counsel at all times complied with the requirements of Federal Rule of Civil Procedure 11.

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14.

Pursuant to 15 U.S.C. § 78u-4(a)(4), the Court awards Class Representative

ALSAR Ltd. Partnership a compensatory award of $60,000, Class Representative Iron Workers
Locals 40, 361 & 417 Union Security Funds a compensatory award of $25,000, and Class
Representative Iron Workers Local 580 Joint Funds a compensatory award of $20,000, to be paid
after the Effective Date.
15.

Pursuant to and in full compliance with Rule 23 of the Federal Rules of Civil

Procedure, the Court finds and concludes that due and adequate notice was directed to all Class
Members advising them of the Plan of Allocation and of their right to object, and a full and fair
opportunity was given to all Class Members to be heard with respect to the Plan of Allocation. The
Court finds that the formula for the calculation of the claims of Authorized Claimants, which is set
forth in the Notice of Pendency and Proposed Settlement of Class Action sent to Class Members,
provides a fair and reasonable basis upon which to allocate among Class Members the proceeds of
the Settlement Fund established by the Stipulation, with due consideration having been given to
administrative convenience and necessity. The Court hereby finds and concludes that the Plan of
Allocation set forth in the Notice is in all respects fair and reasonable and the Court hereby
approves the Plan of Allocation.
16.

This Action is hereby dismissed in its entirety with prejudice as to all Defendants.

17.

All agreements made and orders entered during the course of the Action relating to

the confidentiality of information shall survive this Order, pursuant to their terms.
18.

In the event that the Settlement does not become Final in accordance with the

Stipulation, or the Effective Date does not occur, this Judgment shall be rendered null and void to
the extent provided by and in accordance with the Stipulation and shall be vacated. In such event,
all orders entered and releases delivered in connection herewith shall also be null and void to the

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extent provided by and in accordance with the Stipulation, and this litigation shall revert to the
state at which it existed on January 9, 2022.
19.

There is no just reason for delay in the entry of this Judgment and immediate entry

by the Clerk of the Court is expressly directed pursuant to Rule 54(b) of the Federal Rules of Civil
Procedure.
The Clerk of Court is respectfully directed to close the motions at Docket No. 434 and 436.

DATED: August 2, 2022

THE HONORABLE LORNA G. SCHOFIELD
UNITED STATES DISTRICT JUDGE
SOUTHERN DISTRICT OF NEW YORK

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