In re Merit Medical Systems, Inc. Securities Litigation" — Entry #122: MEMORANDUM in Support of NOTICE OF MOTION AND MOTION for Disbursement of Funds Claims administration is complete
Case: In re Merit Medical Systems, Inc. Securities Litigation" cacd · 8:19-cv-02326
filed December 03, 2019
What this document is
Docket entry #122 · filed November 29, 2022
MEMORANDUM in Support of NOTICE OF MOTION AND MOTION for Disbursement of Funds Claims administration is complete. [Unopposed Motion for Approval of Distribution Plan] 121 filed by Plaintiffs City of Atlanta Firefighters Pension Fund, City of Atlanta Police Officers Pension Fund, Employees Retirement System of the City of Baton Rouge and Parish of East Baton Rouge. (Uslaner, Jonathan) (Entered: 11/29/2022)
Who is involved
- Bucks County Employees Retirement Fund
- City of Atlanta Firefighters Pension Fund
- City of Atlanta Police Officers Pension Fund
- Employees Retirement System of the City of Baton Rouge and Parish of East Baton Rouge
- Fred P. Lampropoulos
- Merit Medical Systems, Inc.
- Norfolk County Retirement System
- Raul Parra
- Sheet Metal Workers Local 19 Pension Fund
Why we have it
We follow this case because it names a company we track, although that company is not a party:
- Marathon Digital: its former name “Marathon Patent Group, Inc.” appears in a filing in this case.
…FAT Brands, Inc. (08/24/2018) Marathon Patent Group Inc (07/20/2018) Community Bank (05/31/2018)…
A free copy from the RECAP archive of federal court filings (mirrored at the Internet Archive), retrieved November 03, 2026. Federal court filings are public records.
Document text
15 page(s), 35,270 characters, converted from the PDF's text layer · plain text.
Full text
Case 8:19-cv-02326-DOC-ADS Document 122 Filed 11/29/22 Page 1 of 15 Page ID
#:2026
1 SAXENA WHITE P.A.
David R. Kaplan (SBN 230144)
2 dkaplan@saxenawhite.com
3 505 Lomas Santa Fe Drive, Suite 180
Solana Beach, CA 92075
4 Telephone: (858) 997-0860
5
Attorneys for Lead Plaintiffs the Atlanta
6 Funds and Co-Lead Counsel for the
Proposed Settlement Class
7
8 BERNSTEIN LITOWITZ BERGER
& GROSSMANN LLP
9 Jonathan D. Uslaner (SBN 256898)
10 jonathanu@blbglaw.com
2121 Avenue of the Stars, Suite 2575
11 Los Angeles, CA 90067
Telephone: (310) 819-3470
12
13 Attorneys for Lead Plaintiff Baton
Rouge and Co-Lead Counsel for the
14 Proposed Settlement Class
15
[Additional counsel appear on signature
16 page]
17 UNITED STATES DISTRICT COURT
CENTRAL DISTRICT OF CALIFORNIA
18 SOUTHERN DIVISION
19 IN RE MERIT MEDICAL SYSTEMS, Case No. 8:19-cv-02326-DOC-ADS
INC. SECURITIES LITIGATION
20
LEAD PLAINTIFFS’
21 MEMORANDUM OF POINTS AND
AUTHORITIES IN SUPPORT OF
22
UNOPPOSED MOTION FOR
23 APPROVAL OF DISTRIBUTION
PLAN
24
25 Judge: Hon. David O. Carter
Courtroom: 10A
26
Date: January 9, 2023
27 Time: 8:30 a.m.
28
MEMORANDUM OF POINTS AND AUTHORITIES IN SUPPORT OF
MOTION FOR APPROVAL OF DISTRIBUTION PLAN
CASE NO. 8:19-cv-2236-DOC-ADS
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1 TABLE OF CONTENTS
2 Page(s)
3 I. BACKGROUND ............................................................................................... 2
4 II. CLAIMS ADMINISTRATION ........................................................................ 3
5 A. No Disputed Claims ................................................................................4
6 B. Late Claims and Final Cut-Off Date .......................................................4
7 III. FEES AND EXPENSES OF CLAIMS ADMINISTRATOR ...........................5
8 IV. DISTRIBUTION PLAN FOR THE NET SETTLEMENT FUND ..................6
9 A. Initial Distribution of the Net Settlement Fund ......................................6
10 B. Additional Distribution(s) of the Net Settlement Fund...........................7
11 V. RELEASE OF CLAIMS ................................................................................... 9
12 VII. CONCLUSION................................................................................................11
13
14
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i MEMORANDUM OF POINTS AND AUTHORITIES IN SUPPORT OF
MOTION FOR APPROVAL OF DISTRIBUTION PLAN
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1 TABLE OF AUTHORITIES
2
CASES PAGE(S)
3
Hefler v. Wells Fargo & Co.,
4 Case No. 16-cv-05479, 2018 WL 6619983 (N.D. Cal. Dec. 18,
5 2018), aff’d sub nom. Hefler v. Pekoc, 802 F. App’x 285 (9th Cir.
2020) ..................................................................................................................... 9
6
In re Capstone Turbine Corp. Sec. Litig.,
7
CV 15-8914, 2020 WL 7889062 (C.D. Cal. Aug. 26, 2020) ......................... 9, 10
8
In re Illumina, Inc. Sec. Litig.,
9 Case No. 3:16-cv-3044, 2021 WL 1017295 (S.D. Cal. Mar. 17,
10 2021) ..................................................................................................................... 9
11 In re Toyota Motor Corp. Sec. Litig.,
12 2014 CV 10-992, WL 12586787 (C.D. Cal. Aug. 4, 2014) ............................... 10
13 In re Volkswagen “Clean Diesel” Mktg., Sales Pracs., & Prods. Liab.
Litig.,
14 MDL No. 2672, 2018 WL 6198311, at *5 (N.D. Cal. Nov. 28,
15 2018) ..................................................................................................................... 9
16
17
18
19
20
21
22
23
24
25
26
27
28
ii MEMORANDUM OF POINTS AND AUTHORITIES IN SUPPORT OF
MOTION FOR APPROVAL OF DISTRIBUTION PLAN
CASE NO. 8:19-cv-2236-DOC-ADS
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1 Court-appointed Lead Plaintiffs, City of Atlanta Police Pension Fund and City
2 of Atlanta Firefighters’ Pension Fund (collectively, the “Atlanta Funds”) and the
3 Employees’ Retirement System of the City of Baton Rouge and Parish of East Baton
4 Rouge (“Baton Rouge” and, together with the Atlanta Funds, the “Lead Plaintiffs”),
5 respectfully move for entry of the proposed Order Approving Distribution Plan
6 (“Class Distribution Order”) for the proceeds of the Settlement in the above-
7 captioned securities class action (“Action”). The Distribution Plan is included in the
8 accompanying Declaration of Eric J. Miller (“Miller Declaration” or “Miller Decl.”),
9 submitted on behalf of the Court-approved Claims Administrator, A.B. Data, Ltd.’s
10 Class Action Administration Company (“A.B. Data”).1
11 The Class Distribution Order will, upon being entered by the Court, permit
12 A.B. Data to make an Initial Distribution of the Settlement proceeds to eligible
13 Claimants. Among other things, the Class Distribution Order will: (i) approve A.B.
14 Data’s administrative determinations accepting and rejecting Claims submitted in
15 connection with the Settlement; (ii) direct the Initial Distribution of the Net
16 Settlement Fund to Claimants whose Claims are accepted by A.B. Data as valid and
17 approved by the Court (“Authorized Claimants”), while maintaining a Reserve for
18 any tax liability and claims administration-related contingencies that may arise; and
19 (iii) approve A.B. Data’s fees and expenses incurred and estimated to be incurred in
20 the administration of the Settlement and the Initial Distribution.
21 There are no disputed Claims by any Settlement Class Member requiring
22 Court review. Further, under the Stipulation, Defendants have no role in or
23 responsibility for the administration of the Settlement Fund or processing of Claims,
24 including determinations as to the validity of Claims or the distribution of the Net
25
1
26 Unless otherwise indicated in this memorandum, all terms with initial capitalization
shall have the meanings ascribed to them in the Miller Declaration or the Stipulation
27 and Agreement of Settlement dated December 21, 2021 (ECF No. 105-1)
28 (“Stipulation”). The Settlement is contained in the Stipulation.
1 MEMORANDUM OF POINTS AND AUTHORITIES IN SUPPORT
OF MOTION FOR APPROVAL OF DISTRIBUTION PLAN
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1 Settlement Fund. See Stipulation ¶¶ 18, 22, 24; see also Notice of (I) Pendency of
2 Class Action and Proposed Settlement; (II) Settlement Hearing; and (III) Motion for
3 Attorneys’ Fees and Litigation Expenses (“Notice”) ¶ 44 and Notice App. A ¶ 1.
4 Nevertheless, we provided Defendants’ Counsel a copy of these motion papers and
5 they informed us that Defendants do not oppose this motion. As such, the motion is
6 ripe for determination and Lead Counsel respectfully submit that a hearing on this
7 motion is not required.
8 I. BACKGROUND
9 As the Court is aware, this Action was settled for $18.25 million in cash. On
10 April 15, 2022, the Court entered the Order Approving Plan of Allocation of Net
11 Settlement Fund (ECF No. 117) and entered the Judgment Approving Class Action
12 Settlement (ECF No. 119) on April 18, 2022. The Effective Date of the Settlement
13 has now occurred. See Stipulation ¶ 32. Accordingly, the Net Settlement Fund may
14 be distributed to Authorized Claimants. In accordance with paragraph 27 of the
15 Stipulation, Lead Plaintiffs respectfully request that the Court enter the Class
16 Distribution Order approving the Distribution Plan.
17 In accordance with the Court’s Order Preliminarily Approving Settlement and
18 Providing for Notice of the Settlement (ECF No. 106) (“Preliminary Approval
19 Order”), A.B. Data mailed the Notice and the Proof of Claim and Release Form
20 (“Claim Form” and, collectively with the Notice, the “Notice Packet”) to potential
21 Settlement Class Members, brokers, and other nominees. Miller Decl. ¶ 2. A.B. Data
22 has disseminated 26,636 Notice Packets to potential Settlement Class Members,
23 brokers, and nominees. Id. ¶ 4. The Notice informed Settlement Class Members that
24 if they wished to be eligible to participate in the distribution of the Net Settlement
25 Fund, they were required to submit a properly executed Claim Form postmarked no
26 later than May 25, 2022. Id. ¶ 7.
27
28
2 MEMORANDUM OF POINTS AND AUTHORITIES IN SUPPORT
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1 II. CLAIMS ADMINISTRATION
2 As set forth in the Miller Declaration, through November 28, 2022, A.B. Data
3 received and processed 12,440 Claims. Miller Decl. ¶ 7. All Claims received through
4 November 28, 2022, have been fully processed in accordance with the Stipulation
5 and the Court-approved Plan of Allocation included in the Notice (see id.), and A.B.
6 Data has worked with Claimants to help them perfect their Claims. See id. ¶¶ 19-28.
7 Many of the Claims were initially deficient or ineligible for one or more reasons,
8 including being incomplete, not signed, not properly documented, or otherwise
9 deficient, which required substantial follow-up work by A.B. Data. Id. ¶¶ 19, 22.
10 If A.B. Data determined a Claim to be defective or ineligible, A.B. Data sent
11 a letter (if the Claimant or filer filed a paper Claim) or an email (if the Claimant or
12 filer filed an electronic Claim) to the Claimant or filer, as applicable, describing the
13 defect(s) or condition(s) of ineligibility in the Claim and the steps necessary to cure
14 any curable defect(s) in the Claim (“Deficiency Notices”). Id. ¶¶ 20, 22. The
15 Deficiency Notices advised the Claimant or filer that the appropriate information or
16 documentary evidence to complete the Claim had to be sent within twenty (20) days
17 from the date of the Deficiency Notice or A.B. Data would recommend the Claim
18 for rejection to the extent the deficiency or condition of ineligibility was not cured.
19 Id. ¶¶ 20, 23. Examples of the Deficiency Notices are attached as Exhibits A, B, and
20 C to the Miller Declaration.
21 Of the 12,440 Claims that are the subject of this motion, A.B. Data has
22 determined that 6,992 Claims are acceptable in whole or in part, and that 5,748
23 Claims should be rejected because they are ineligible for payment from the Net
24 Settlement Fund. Miller Decl. ¶¶ 34-37. Lead Plaintiffs respectfully request that the
25 Court approve A.B. Data’s administrative determinations accepting and rejecting
26 Claims as set forth in the Miller Declaration.
27
28
3 MEMORANDUM OF POINTS AND AUTHORITIES IN SUPPORT
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1 A. No Disputed Claims
2 A.B. Data carefully reviewed Claimants’ and filers’ responses to the
3 Deficiency Notices and worked with them to resolve deficiencies where possible.
4 Id. ¶¶ 21, 26. Consistent with paragraph 25(e) of the Stipulation, the Deficiency
5 Notices specifically advised the Claimant or filer of the right, within twenty (20)
6 days after the mailing or emailing of the Deficiency Notice, to contest the rejection
7 of the Claim and request Court review of A.B. Data’s administrative determination
8 of the Claim. Id. ¶¶ 20, 23, and Exhibits A and B.
9 With respect to the fully processed Claims, A.B. Data received no requests for
10 Court review of its administrative determinations. Id. ¶ 28. Accordingly, there are
11 no outstanding requests for Court review by any Claimants. Id.
12 B. Late Claims and Final Cut-Off Date
13 The 12,440 Claims received through November 28, 2022, include 66 Claims
14 that were postmarked or received after May 25, 2022, the Court-approved Claim
15 submission deadline. Id. ¶¶ 29, 35. Those late Claims have been fully processed, and
16 35 of them are, but for their late submission, otherwise eligible to participate in the
17 Settlement. Id. Although these 35 Claims were late, they were received while the
18 processing of timely Claims was ongoing. Id. Due to the amount of time needed to
19 process the timely Claims received, the processing of these late Claims did not delay
20 the completion of the claims administration process or the distribution of the Net
21 Settlement Fund. Id. ¶ 29. The Court has discretion to accept Claims received after
22 the Claim submission deadline. See Preliminary Approval Order ¶ 11; Notice ¶ 46.
23 Lead Plaintiffs respectfully submit that, when the equities are balanced, it would be
24 unfair to prevent an otherwise eligible Claim from participating in the distribution
25 of the Net Settlement Fund solely because it was received after the Court-approved
26 Claim submission deadline if it were submitted while timely Claims were still being
27 processed.
28
4 MEMORANDUM OF POINTS AND AUTHORITIES IN SUPPORT
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1 To facilitate the efficient distribution of the Net Settlement Fund, however,
2 there must be a final cut-off date after which no other Claims may be accepted.
3 Accordingly, Lead Plaintiffs respectfully request that the Court order that any new
4 Claims and any adjustments to previously filed Claims that would result in an
5 increased Recognized Claim amount received after November 28, 2022, be barred,
6 subject to the provisions of paragraph 39(f) of the Miller Declaration. Paragraph
7 39(f) of the Miller Declaration applies to any Claims received or modified after
8 November 28, 2022, that would have been eligible for payment or additional
9 payment pursuant to the Court-approved Plan of Allocation if timely received. At
10 the time when Lead Counsel, in consultation with A.B. Data, determine that an
11 additional distribution is not cost-effective as provided in paragraph 39(e) of the
12 Miller Declaration, the post-November 28, 2022 Claimants, after payment of fees
13 and expenses as provided in paragraph 39(f) of the Miller Declaration and at the
14 discretion of Lead Counsel and to the extent possible, may be paid their distribution
15 amounts or additional distribution amounts on a pro rata basis that would bring them
16 into parity with other Authorized Claimants who have cashed all their prior
17 distribution checks.
18 III. FEES AND EXPENSES OF CLAIMS ADMINISTRATOR
19 The Court-approved Claims Administrator for the Settlement, A.B. Data, was
20 responsible for, among other things, disseminating notice of the Settlement to the
21 Settlement Class, creating and maintaining a website and toll-free telephone
22 helpline, processing Claims, and allocating and distributing the Net Settlement Fund
23 to Authorized Claimants. Miller Decl. ¶ 2. A.B. Data’s fees and expenses for its
24 work performed through October 31, 2022, are $159,141.95, and its estimated fees
25 and expenses for work to be performed in connection with the Initial Distribution
26 are $17,905.88, which together total $177,047.83. Id. ¶ 38. Should the estimate of
27 fees and expenses to conduct the Initial Distribution of the Net Settlement Fund
28 exceed the actual cost, the excess will be returned to the Net Settlement Fund and
5 MEMORANDUM OF POINTS AND AUTHORITIES IN SUPPORT
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1 will be available for subsequent distribution to Authorized Claimants. Id. To date,
2 A.B. Data has received payment in the amount of $154,269.42 for its fees and
3 expenses. Id. Accordingly, there is an outstanding balance of $22,778.41 payable to
4 A.B. Data, which amount includes the estimated fees and expenses to be incurred by
5 A.B. Data in connection with the Initial Distribution. Id. Lead Counsel reviewed
6 A.B. Data’s invoices and respectfully request on behalf of Lead Plaintiffs that the
7 Court approve all of A.B. Data’s fees and expenses.
8 IV. DISTRIBUTION PLAN FOR THE NET SETTLEMENT FUND
9 A. Initial Distribution of the Net Settlement Fund
10 Under the proposed Distribution Plan, A.B. Data will distribute 95% of the
11 Net Settlement Fund after deducting (i) all payments previously allowed, (ii)
12 payments approved by the Court on this motion, and (iii) any estimated taxes, the
13 costs of preparing appropriate tax returns, and any escrow fees (i.e., the Initial
14 Distribution). See Miller Decl. ¶ 39(a). In the Initial Distribution, A.B. Data will
15 calculate award amounts for all Authorized Claimants as if the entire Net Settlement
16 Fund were to be distributed now. Id. ¶ 39(a)(1). A.B. Data will first determine each
17 Authorized Claimant’s pro rata share of the total Net Settlement Fund based on the
18 Claimant’s Recognized Claim in comparison to the total Recognized Claims of all
19 Authorized Claimants. Id. A.B. Data will eliminate from the Initial Distribution any
20 Authorized Claimant whose pro rata share calculates to less than $10.00, as these
21 Claimants will not receive any payment from the Net Settlement Fund and will be
22 so notified by A.B. Data. Id. ¶ 39(a)(2). A.B. Data will then recalculate the pro rata
23 share of the Net Settlement Fund for Authorized Claimants who would have received
24 $10.00 or more based on the amount of the Authorized Claimant’s Recognized
25 Claim in comparison to the total Recognized Claims of all Authorized Claimants
26 who would have received $10.00 or more. Id. ¶ 39(a)(3). This pro rata share is the
27 Authorized Claimant’s Distribution Amount. Id. Authorized Claimants whose
28 Distribution Amount calculates to less than $200.00 will be paid their full
6 MEMORANDUM OF POINTS AND AUTHORITIES IN SUPPORT
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1 Distribution Amount in the Initial Distribution (“Claims Paid in Full”). Id.
2 ¶ 39(a)(4). These Authorized Claimants will receive no additional funds in
3 subsequent distributions. Id. After deducting the payments to the Claims Paid in Full,
4 95% of the remaining balance of the Net Settlement Fund will be distributed pro
5 rata to Authorized Claimants whose Distribution Amount calculates to $200.00 or
6 more. Id. ¶ 39(a)(5). The remaining 5% of the Net Settlement Fund will be held in
7 reserve (the “Reserve”) to address any tax liability and claims administration-related
8 contingencies that may arise. Id. To the extent the Reserve is not depleted, the
9 remainder will be distributed in the Second Distribution. Id.
10 To encourage Authorized Claimants to cash their checks promptly, Lead
11 Plaintiffs propose that all distribution checks bear the notation, “CASH
12 PROMPTLY. VOID AND SUBJECT TO REDISTRIBUTION IF NOT CASHED
13 BY [DATE 90 DAYS AFTER ISSUE DATE].” Id. ¶ 39(b). Authorized Claimants
14 who do not cash their checks within the time allotted or on the conditions set forth
15 in paragraph 39(b) of the Miller Declaration will irrevocably forfeit all recovery
16 from the Settlement, and the funds allocated to these stale-dated checks will be
17 available to be redistributed to other Authorized Claimants in a subsequent
18 distribution, as described below. Id. ¶ 39(c).
19 B. Additional Distribution(s) of the Net Settlement Fund
20 After A.B. Data has made reasonable and diligent efforts to have Authorized
21 Claimants cash their Initial Distribution checks, but not earlier than seven (7) months
22 after the Initial Distribution, A.B. Data will, after consulting with Lead Counsel,
23 conduct the Second Distribution of the Net Settlement Fund. Id. ¶ 39(d). In the
24 Second Distribution, any amount remaining in the Net Settlement Fund, after
25 deducting any unpaid fees and expenses incurred, will be distributed to all
26 Authorized Claimants (other than Claims Paid in Full) who cashed their Initial
27 Distribution checks and would receive at least $10.00 from the Second Distribution
28 based on their pro rata share of the remaining funds. Id. If any funds remain in the
7 MEMORANDUM OF POINTS AND AUTHORITIES IN SUPPORT
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1 Net Settlement Fund after the Second Distribution, and if cost-effective, subsequent
2 distributions will take place at six-month intervals. Id. When Lead Counsel, in
3 consultation with A.B. Data, determine that a further distribution is not cost-
4 effective, if sufficient funds remain to warrant the processing of Claims received
5 after November 28, 2022, A.B. Data will process those Claims. Id. ¶ 39(e). Any of
6 these Claims that are otherwise valid, as well as any earlier received Claims for
7 which an upward adjustment was received after November 28, 2022, may be paid in
8 accordance with paragraph 39(f) of the Miller Declaration. Id. If any funds remain
9 in the Net Settlement Fund after payment of these Claims and any unpaid fees or
10 expenses, Lead Counsel propose that such remaining funds (if there are any) be
11 contributed to the Investor Protection Trust (“IPT”). Lead Counsel propose that IPT
12 be designated as the “non-sectarian, not-for-profit 501(c)(3) organization to be
13 recommended by Lead Counsel” referenced in the Court-approved Plan of
14 Allocation. See Notice App. A ¶ 20.
15 IPT is a non-sectarian, nonprofit organization exempt from taxation under
16 Section 501(c)(3) of the Internal Revenue Code. See About the Investor Protection
17 Trust, Investor Protection Trust, https://iptrust.wpengine.com/about/ (last visited
18 Nov. 11, 2022), and Investor Protection Trust, Charity Navigator,
19 www.charitynavigator.org/ein/396570280 (last visited Nov. 11, 2022). Founded in
20 1993, IPT’s primary mission is “to provide the independent, objective investor
21 education that Americans need to make informed investment decisions.” About the
22 Investor Protection Trust, Investor Protection Trust,
23 https://iptrust.wpengine.com/about/ (last visited Nov. 11, 2022). IPT’s recently
24 funded projects include radio-based and video ad-based investor protection
25 awareness campaigns, the creation and distribution of a digital investor education
26 awareness campaign, and a program to educate professional groups, military
27 organizations, law enforcement, and religious groups on resources for investor
28 protection. See Grants, Investor Protection Trust,
8 MEMORANDUM OF POINTS AND AUTHORITIES IN SUPPORT
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1 https://investorprotection.org/grants/ (last visited Nov. 11, 2022). Federal courts
2 have approved IPT as a cy pres recipient of residual balances of net settlement funds
3 in other settlements. See, e.g., In re Volkswagen “Clean Diesel” Mktg., Sales Pracs.,
4 & Prod. Liab. Litig., No. MDL 2672, 2018 WL 6198311, at *5 (N.D. Cal. Nov. 28,
5 2018) (“The proposed cy pres recipient, the Investor Protection Trust, is a nonprofit
6 organization focused on investor education. A savvy, educated investor is hopefully
7 more likely to identify signs of securities fraud, which furthers the Exchange Act's
8 purpose of maintaining ‘fair and honest markets.’” (citation omitted)); Hefler v.
9 Wells Fargo & Co., No. 16-cv-05479, 2018 WL 6619983, at *11 (N.D. Cal. Dec.
10 18, 2018) (“[T]he Court concludes that the Investor Protection Trust’s mission of
11 educating investors makes it an appropriate cy pres beneficiary.”), aff’d sub nom.
12 Hefler v. Pekoc, 802 F. App’x 285 (9th Cir. 2020); In re Capstone Turbine Corp.
13 Sec. Litig., No. 15-cv-8914, 2020 WL 7889062, at *2 (C.D. Cal. Aug. 26, 2020)
14 (approving IPT as cy pres recipient); In re Illumina, Inc. Sec. Litig., No. 3:16-cv-
15 3044, 2021 WL 1017295, at *9 (S.D. Cal. Mar. 17, 2021) (same).
16 V. RELEASE OF CLAIMS
17 In order to allow the full and final distribution of the Net Settlement Fund, it
18 is necessary to (i) bar any further claims against the Net Settlement Fund beyond the
19 amounts allocated to Authorized Claimants; and (ii) provide that all persons
20 involved in any aspect of Claims processing, or who are involved in the
21 administration or taxation of the Settlement Fund or the Net Settlement Fund, be
22 released and discharged from all claims arising out of that involvement. See
23 Stipulation ¶ 29. Accordingly, Lead Plaintiffs respectfully request that the Court
24 release and discharge all persons involved in the review, verification, calculation,
25 tabulation, or any other aspect of the processing of the Claims submitted in
26 connection with the Settlement, or who are otherwise involved in the administration
27 or taxation of the Settlement Fund or the Net Settlement Fund from all claims arising
28 out of that involvement, and bar all Settlement Class Members and other Claimants,
9 MEMORANDUM OF POINTS AND AUTHORITIES IN SUPPORT
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1 whether or not they receive payment from the Net Settlement Fund, from making
2 any further claims against the Net Settlement Fund, Lead Plaintiffs, Lead Counsel,
3 the Claims Administrator, the Escrow Agent or any other agent retained by Lead
4 Plaintiffs or Lead Counsel in connection with the administration or taxation of the
5 Settlement Fund or the Net Settlement Fund, or any other person released under the
6 Settlement beyond the amounts allocated to Authorized Claimants.
7 Courts have repeatedly approved similar releases in connection with the
8 distribution of settlement proceeds. See, e.g., Capstone Turbine, 2020 WL 7889062,
9 at *2 (“All persons involved in the review, verification, calculation, tabulation, or
10 any other aspect of the processing of the Claims submitted herein, or otherwise
11 involved in the administration or taxation of the Settlement Fund or the Net
12 Settlement Fund, are released and discharged from any and all claims arising out of
13 such involvement, and all Settlement Class Members, whether or not they are to
14 receive payment from the Net Settlement Fund, are barred from making any further
15 claim against the Net Settlement Fund or the released persons beyond the amount
16 allocated to them pursuant to this Order.”); In re Toyota Motor Corp. Sec. Litig., No.
17 14:10-cv-922, 2014 WL 12586787, at *2 (C.D. Cal. Aug. 4, 2014) (approving
18 substantially similar language in order authorizing distribution of settlement
19 proceeds).
20
21
22
23
24
25
26
27
28
10 MEMORANDUM OF POINTS AND AUTHORITIES IN SUPPORT
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1 VII. CONCLUSION
2 For the foregoing reasons, Lead Plaintiffs respectfully request that the Court
3 grant their Unopposed Motion for Approval of Distribution Plan and enter the
4 [Proposed] Order Approving Distribution Plan.
5
Dated: November 29, 2022 Respectfully submitted,
6
7 SAXENA WHITE P.A.
8 /s/ David R. Kaplan
9 David R. Kaplan (SBN 230144)
dkaplan@saxenawhite.com
10 Hani Y. Farah (SBN 307622)
11 hfarah@saxenawhite.com
505 Lomas Santa Fe Drive, Suite 180
12 Solana Beach, CA 92075
13 Telephone: (858) 997-0860
Facsimile: (858) 369-0096
14
15 -and-
16 Steven B. Singer (pro hac vice)
ssinger@saxenawhite.com
17 10 Bank Street, 8th Floor
18 White Plains, NY 10606
Tel: (914) 437-8551
19 Fax: (888) 631-3611
20
Attorneys for Lead Plaintiffs the Atlanta
21 Funds and Co-Lead Counsel for the Proposed
22 Settlement Class
23
24
25
26
27
28
11 MEMORANDUM OF POINTS AND AUTHORITIES IN SUPPORT
OF MOTION FOR APPROVAL OF DISTRIBUTION PLAN
CASE NO. 8:19-cv-2236-DOC-ADS
Case 8:19-cv-02326-DOC-ADS Document 122 Filed 11/29/22 Page 15 of 15 Page
ID #:2040
1 BERNSTEIN LITOWITZ BERGER
& GROSSMANN LLP
2
3 /s/ Jonathan D. Uslaner
Jonathan D. Uslaner (Bar No. 256898)
4
jonathanu@blbglaw.com
5 Lauren M. Cruz (Bar No. 299964)
lauren.cruz@blbglaw.com
6
2121 Avenue of the Stars, Suite 2575
7 Los Angeles, CA 90067
8 Telephone: (310) 819-3470
9 -and-
10 John J. Rizio-Hamilton (pro hac vice)
11 johnr@blbglaw.com
1251 Avenue of the Americas
12 New York, New York 10020
13 Telephone: (212) 554-1400
Facsimile: (212) 554-1444
14
15 Attorneys for Lead Plaintiff Baton Rouge and
Co-Lead Counsel for the Proposed Settlement
16 Class
17
18
19
20
21
22
23
24
25
26
27
28
12 MEMORANDUM OF POINTS AND AUTHORITIES IN SUPPORT
OF MOTION FOR APPROVAL OF DISTRIBUTION PLAN
CASE NO. 8:19-cv-2236-DOC-ADS