UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA SOUTHERN DIVISION CASE NO. SA 10-ML-2145 DOC (RNBx)

Transcription

1 Case :0-ml-0-DOC-RNB Document Filed // Page of Page ID #:0 0 COTCHETT, PITRE & MCCARTHY, LLP MARK C. MOLUMPHY (00) mmolumphy@cpmlegal.com San Francisco Airport Office Center 0 Malcolm Road Suite 0 Burlingame, CA 00 Telephone: (0) -000 Facsimile: (0) -0 WESTERMAN LAW CORP. JEFF S. WESTERMAN () jwesterman@jswlegal.com JORDANNA G. THIGPEN () jthigpen@jswlegal.com Century Park East, Suite 00 Los Angeles, CA 00 Telephone: (0) -0 Facsimile: (0) -0 Co-Lead Counsel for Masonek Plaintiffs and the Class In re: MEDICAL CAPITAL SECURITIES LITIGATION This document relates to: NO. SACV 0-0 DOC (RNB) UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA SOUTHERN DIVISION CASE NO. SA 0-ML- DOC (RNBx) CLASS DISTRIBUTION ORDER [] CLASS DISTRIBUTION ORDER

2 Case :0-ml-0-DOC-RNB Document Filed // Page of Page ID #:0 0 On June,, the Court entered an Order Granting Final Approval to Class Action Settlement; Entering Final Judgment, Approving Plan of Allocation, and Awarding Attorneys Fees and Expenses to Class Counsel for the settlement with The Bank of New York Mellon ( BNYM ). On August,, the Court entered an Order Granting Final Approval to Class Action Settlement; Final Judgment for the settlement with Wells Fargo Bank, N.A. ( Wells Fargo ). The Court directed the parties to consummate the terms of the settlements with BNYM and with Wells Fargo and administer them in accordance with the terms and conditions of the Plan of Allocation. Pursuant to the settlements with BNYM and Wells Fargo, the Courtapproved Settlement Administrator has determined the allowed claim amounts for all Class Members under the Plan of Allocation, provided written notice to any Class Members who do not have Recognized Losses under the Plan of Allocation ( $0 Claimants ) with an opportunity to contest that determination, and received and reviewed all responses provided, with the assistance of Co-Lead Class Counsel. Under the terms of the settlements with BNYM and Wells Fargo, Co-Lead Class Counsel was directed to apply to the Court for a Class Distribution Order: (a) approving the Settlement Administrator s determinations, (b) approving payment of any fees and expenses not previously applied for, and (c) directing payment of the Net Settlement Fund to Class Members. The Court retained jurisdiction of the above-captioned action (the Class Action ) for the purpose of considering any further application or matter which may arise in connection with the administration and execution of the Settlements and the distribution of the Net Settlement Funds to the Class. CLASS DISTRIBUTION ORDER

3 Case :0-ml-0-DOC-RNB Document Filed // Page of Page ID #:0 0 NOW, THEREFORE, upon consideration of the Declaration of Stefanie Gardella of Kurtzman Carson Consultants LLC ( KCC ), the Settlement Administrator, the accompanying Memorandum of Law, and upon all prior proceedings herein and after due deliberation, it is hereby:. ORDERED, that the administrative determinations of the Settlement Administrator accepting claims for payment as indicated on the computer printout of eligible claims submitted with and described in the Gardella Declaration as Exhibit, are approved and those claims are hereby accepted for payment, and the eligible Class Members listed in Exhibit are the approved recipients of the payments under this Order and no other Class Members, subsequent transferees, assignees, or Noteholders are eligible for payment; and it is further. ORDERED, that the administrative determinations of the Settlement Administrator rejecting claims for payment as indicated on the computer printout of $0 Claimants submitted with and described in the Gardella Declaration as Exhibit, are approved, and those claims are hereby rejected for payment, consistent with this Court s prior orders approving the Receiver s allowed claim determinations and application of the Money-In-Money-Out ( MIMO ) methodology, and approving the Plan of Allocation in this Class Action; and it is further. ORDERED, that the Settlement Administrator be paid the sum of $,. from the Settlement Funds for its fees and expenses in connection with its services performed and to be performed in administering the Settlements and distributing the Net Settlement Funds to eligible Class Members; and it is further CLASS DISTRIBUTION ORDER

4 Case :0-ml-0-DOC-RNB Document Filed // Page of Page ID #: ORDERED, that Class Counsel are authorized to receive the balance of their attorneys fees and expenses previously approved by the Court from the Settlement Funds on deposit; and it is further. ORDERED, that the Net Settlement Funds shall be distributed by the Settlement Administrator to the eligible Class Members listed in Exhibit to the Gardella Declaration in proportion to the Net Recognized Loss allocable to each eligible Class Member as shown on that exhibit; and it is further. ORDERED, that the payments to be distributed to eligible Class Members shall bear the notation CASH PROMPTLY, VOID AND SUBJECT TO RE-DISTRIBUTION 0 DAYS AFTER ISSUE DATE. Co-Lead Class Counsel and the Settlement Administrator are authorized to take appropriate action to locate and or contact any eligible Class Member who has not cashed his, her or its distribution within said time; and it is further. ORDERED, that the costs of such services to locate and reissue distributions to eligible Class Members shall be payable from the unclaimed/uncashed monies remaining in the Net Settlement Funds; and it is further. ORDERED, that, consistent with the Plan of Allocation previously approved by the Court, to the extent that any monies remain in the Net Settlement Funds after the Settlement Administrator has caused distributions to be made to all eligible Class Members whether by reason of un-cashed distributions or otherwise, then, after the Settlement Administrator has made reasonable and diligent efforts to have eligible Class Members cash their distributions, any balance remaining in the Net Settlement Funds six () months after the initial distribution of such CLASS DISTRIBUTION ORDER

5 Case :0-ml-0-DOC-RNB Document Filed // Page of Page ID #:00 0 funds shall be re-distributed to eligible Class Members who have cashed their initial distributions and who would receive at least $00.00 from such re-distribution, after payment of any unpaid costs or fees incurred in administering the Net Settlement Funds for such re-distribution. Additional payments may occur thereafter if Co-Lead Class Counsel, in consultation with the Settlement Administrator, determine that additional re-distributions, after the deduction of any additional fees and expense that would be incurred, would be cost-effective. At such time as it is determined that the re-distribution of funds remaining is not costeffective, the remaining balance shall be contributed to a designated nonprofit organization(s), to be recommended by Co-Lead Class Counsel and approved by the Court; and it is further. ORDERED, that the Court finds that the administration of the Settlements and the proposed distribution of the Net Settlement Funds comply with the terms of the Stipulations of Settlement and the 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 payments herein, or otherwise involved in the administration or taxation of the Settlement Funds or the Net Settlement Funds, are released and discharged from any and all claims arising out of such involvement, and all Class Members, whether or not they are to receive payment from the Net Settlement Funds, are barred from making any further claim against the Net Settlement Funds or the released persons beyond the amount allocated to them pursuant to this Order, and it is further 0. ORDERED, that payment pursuant to this Class Distribution Order shall be final and conclusive against all Class Members. No person or Class CLASS DISTRIBUTION ORDER

6 Case :0-ml-0-DOC-RNB Document Filed // Page of Page ID #:00 0 Member shall have any claim against the Plaintiffs, Plaintiffs Counsel, Co-Lead Class Counsel, the Settlement Administrator or any other agent designated by Co-Lead Class Counsel, BNYM, Wells Fargo, or Defense Counsel, arising from distributions made substantially in accordance with the Stipulations, the Plan of Allocation, or any order of the Court. Plaintiffs, BNYM, and Wells Fargo, and their respective counsel, shall have no liability whatsoever for the investment or distribution of the Settlement Funds or the Net Settlement Funds, the Plan of Allocation, or the determination, administration, calculation, or payment of any amount by the Settlement Administrator, the payment or withholding of Taxes (including interest and penalties) owed by the Settlement Funds, or any losses incurred in connection therewith, and it is further. ORDERED, that all proceedings with respect to the administration, processing and determination of distributions to Class Members and the determination of all controversies relating thereto, including disputed questions of law and fact with respect to such distributions, shall be subject to the jurisdiction of the Court. All Class Members and Parties to these Settlements expressly waive trial by jury (to the extent any such right may exist) and any right of appeal or review with respect to such determinations; and it is further. ORDERED, that this Court retain jurisdiction over any further application or matter which may arise in connection with this Class Action. IT IS SO ORDERED. Dated: November, CLASS DISTRIBUTION ORDER By: Honorable David O. Carter United States District Judge