Epstein v. World Acceptance Corporation et al

Filing 212

ORDER granting 202 MOTION for Attorney Fees and Expenses filed by Operating Engineers Construction Industry and Miscellaneous Pension Fund Signed by Honorable Mary Geiger Lewis on 12/18/2017. (abuc)

UNITED STATES DISTRICT COURT
DISTRICT OF SOUTH CAROLINA
EDNA SELAN EPSTEIN, Individually and on )
)
Behalf of All Others Similarly Situated,
)
Plaintiff,
)
)
vs.
)
)
WORLD ACCEPTANCE CORPORATION, )
et al.,
)
)
Defendants.
)
)

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Civil Action No. 6:14-cv-01606-MGL
CLASS ACTION
ORDER AWARDING ATTORNEYS’ FEES
AND EXPENSES AND AWARD TO LEAD
PLAINTIFF PURSUANT TO 15 U.S.C. §78u4(a)(4)

This matter having come before the Court on December 18, 2017, on the motion of Lead
Counsel for an award of attorneys’ fees and expenses (the “Fee Motion”), the Court, having
considered all papers filed and proceedings conducted herein, having found the Settlement of this
Litigation to be fair, reasonable and adequate, and otherwise being fully informed in the premises
and good cause appearing therefore;
IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that:
1.

This Order incorporates by reference the definitions in the Stipulation of Settlement

dated August 24, 2017 (the “Stipulation”), and all capitalized terms used, but not defined herein,
shall have the same meanings as set forth in the Stipulation.
2.

This Court has jurisdiction over the subject matter of this application and all matters

relating thereto, including all Members of the Settlement Class who have not timely and validly
requested exclusion.
3.

Notice of Lead Counsel’s Fee Motion was given to all Settlement Class Members

who could be located with reasonable effort. The form and method of notifying the Settlement Class
of the Fee Motion met the requirements of Rule 23 of the Federal Rules of Civil Procedure and 15
U.S.C. §78u-4(a)(7), the Securities Exchange Act of 1934, as amended by the Private Securities
Litigation Reform Act of 1995, due process, and any other applicable law, constituted the best notice
practicable under the circumstances, and constituted due and sufficient notice to all persons and
entities entitled thereto.
4.

The Court hereby awards Lead Counsel attorneys’ fees of 30% of the Settlement

Fund (or $4,800,000), plus expenses in the amount of $472,044.02, together with the interest earned
on both amounts for the same time period and at the same rate as that earned on the Settlement Fund
until paid. The Court finds that the amount of fees awarded is appropriate and that the amount of
fees awarded is fair and reasonable under the “percentage-of-recovery” method.
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5.

The awarded attorneys’ fees and expenses and interest earned thereon, shall be paid to

Lead Counsel subject to the terms, conditions, and obligations of the Stipulation, and in particular,
¶7.2 thereof, which terms, conditions, and obligations are incorporated herein.
6.

In making this award of fees and expenses to Lead Counsel, the Court has considered

and found that:
(a)

the Settlement has created a fund of $16,000,000 in cash that is already on

deposit, and numerous Settlement Class Members who submit, or have submitted, valid Proof of
Claim and Release forms will benefit from the Settlement created by Lead Counsel;
(b)

over 54,400 copies of the Notice were disseminated to potential Settlement

Class Members indicating that Lead Counsel would move for attorneys’ fees in an amount not to
exceed 30% of the Settlement Amount and for expenses in an amount not to exceed $500,000, and
no objections to the fees or expenses were filed by Settlement Class Members;
(c)

Lead Counsel has pursued the Litigation and achieved the Settlement with

skill, perseverance and diligent advocacy;
(d)

Lead Counsel has expended substantial time and effort pursuing the Litigation

on behalf of the Settlement Class;
(e)

Lead Counsel pursued the Litigation on a contingent basis, having received no

compensation during the Litigation, and any fee amount has been contingent on the result achieved;
(f)

the Litigation involves complex factual and legal issues and, in the absence of

settlement, would involve lengthy proceedings whose resolution would be uncertain;
(g)

had Lead Counsel not achieved the Settlement, there would remain a

significant risk that the Settlement Class may have recovered less or nothing from Defendants;
(h)

Lead Plaintiff’s Counsel have devoted over 9,000 hours, with a lodestar value

of $4,949,997.50, to achieve the Settlement;
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(i)

public policy concerns favor the award of reasonable attorneys’ fees and

expenses in securities class action litigation; and
(j)

the attorneys’ fees and expenses awarded are fair and reasonable and

consistent with awards in similar cases within the Fourth Circuit.
7.

Any appeal or any challenge affecting this Court’s approval regarding the Fee Motion

shall in no way disturb or affect the finality of the Judgment entered with respect to the Settlement.
8.

Pursuant to 15 U.S.C. §78u-4(a)(4), the Court awards $4,760.00 to Lead Plaintiff

Operating Engineers Construction Industry and Miscellaneous Pension Fund for the time it spent
directly related to its representation of the Settlement Class.
9.

In the event that the Settlement is terminated or does not become Final or the

Effective Date does not occur in accordance with the terms of the Stipulation, this Order shall be
rendered null and void to the extent provided in the Stipulation and shall be vacated in accordance
with the Stipulation.
DATED: December 18, 2017

s/Mary Geiger Lewis
________________________________________
THE HONORABLE MARY GEIGER LEWIS
UNITED STATES DISTRICT JUDGE

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