Williams et al v. Block.One et al
Filing 146
MEMORANDUM OPINION re: (118 in 1:20-cv-02809-LAK, 118 in 1:20-cv-02809-LAK) MOTION to Approve Final Approval of Class Action Settlement Agreement . MOTION to Certify Class and Class Representative, and Appointment of Lead Counsel as Class Counsel, and Approval of the Plan of Allocation of Settlement Funds. filed by Crypto Assets Opportunity Fund LLC, (122 in 1:20-cv-02809-LAK) MOTION for Attorney Fees and Expenses and Awards to Lead Plaintiff Pursuant to U.S.C. §78(U)-(4)(A)(4). filed by Crypto Assets Opportunity Fund LLC. This Court is entirely mindful of the adage that the law favors settlements. Indeed, it perhaps would blink reality to deny that the law sometimes may have a special place i n its metaphorical heart for settlements of complicated cases that otherwise would be costly, time consuming, and difficult to resolve. And class actions serve an important and useful purpose as Jong as the overriding principle of fairness and the r equirement of adequacy of representation are rigorously observed lest an individual class action become an instrument of inequity. That is why the burden of establishing the adequacy of representation in and overall fairness of a proposed class settlement is on the proponent. In this case, the Court has not been persuaded that the requirement of adequate representation has been satisfied. And it hastens to add that it implies no misconduct or criticism of the Lead Plaintiff or its experi enced and well regarded Lead Counsel. The problem, as the Court already has noted, is a structural problem having roots in the unusual market that the case concerns. For the foregoing reasons, Lead Plaintiffs' motions (a) for final approva l of the proposed settlement, to ce1tify the proposed settlement class, and to appoint Lead Plaintiff as class representative and Grant & Eisenhofer P.A. as class counsel (Dkt. 118), and (b) to award fees and costs to Lead Counsel and costs to Lead Plaintiff (Dkt. 122) are denied. SO ORDERED. (Signed by Judge Lewis A. Kaplan on 8/13/2022) Filed In Associated Cases: 1:20-cv-02809-LAK, 1:20-cv-03829-LAK (ks)
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