Application of Settlement Class Counsel for Payment of the Settlement Administration Fees and Costs Sample Clauses

Application of Settlement Class Counsel for Payment of the Settlement Administration Fees and Costs an Award of Attorneys’ Fees and Expenses, and an Award of Incentive Fees to Plaintiffs. Settlement Class Counsel, on behalf of all counsel of record for Plaintiffs and the Class, intend to apply to the Court for the payment of the settlement administration fees and costs, an award of attorneys’ fees and expenses including expert fees, and an award of incentive fees to Plaintiff in the amount of $5,000, to be paid from the $425,000 balance of the Settlement Consideration remaining after the allocation of the $275,000 of the Settlement Consideration to the Net Settlement Benefits for distribution to the Class. The fees and costs of the settlement administration, including the preparation of the related notices and processing of all claims and distributions, are currently estimated at approximately $35,000-$40,000. The incentive fees award to Plaintiff of $5,000 is being applied for on account of Plaintiff’s extensive, active participation in the prosecution of the Action over the past nine years, including sitting for two different depositions by Defendant, the drafting and submission of multiple affidavits in connection with class certification and the other motions filed in the Action, his continuing factual investigation in support of the claims asserted in the Action, and his attendance at several court proceedings. The expenses incurred by counsel for Plaintiff and the Class since the commencement of the Action in January 2003 presently total more than $90,000, including the expert fees of the computer database analysis expert utilized extensively by Plaintiff’s counsel during the prosecution of the Action and negotiation of the Settlement. The remainder of the Settlement Consideration, approximately $295,000-$300,000, is being sought as compensation for counsel for Plaintiff and the Class in light of the more than 1250 hours of time with a lodestar on a historical basis of more than $750,000 incurred by Plaintiff’s counsel in connection with the commencement, prosecution and successful resolution of the Action over a period of almost nine years. Counsel for Plaintiff and the Class incurred this time and their expenses on behalf of the Class over this period without payment or reimbursement, and without any guarantee of payment or reimbursement.
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Related to Application of Settlement Class Counsel for Payment of the Settlement Administration Fees and Costs

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