Common Fund Clause Samples
The Common Fund clause establishes a pooled source of money contributed by multiple parties, typically to cover shared expenses or liabilities arising from a joint activity or litigation. In practice, each participant may be required to contribute a specified amount or percentage to the fund, which is then used to pay for costs such as legal fees, administrative expenses, or settlements. This clause ensures that the financial burden is distributed fairly among all involved parties and helps streamline the management of collective costs, thereby preventing disputes over individual payment responsibilities.
Common Fund a. The settlement amount of $287,500.00 shall be made in two payments. The first payment of $143,750.00 will be due ten days from the Preliminary Approval Date and deposited in the Claims Administrator’s interest-bearing trust account. The second payment of $143,750.00 will be due on the Effective Date. In the event the Effective Date does not occur, no payments or distributions of any kind shall be made pursuant to this Agreement, except the costs and expenses of the Claims Administrator actually accrued, and any of the settlement amount that remains in the Claims Administrator’s interest-bearing trust account shall revert to ▇▇▇▇▇▇▇▇. In the event the Effective Date does occur and ▇▇▇▇▇▇▇▇ fails to make the second payment, Plaintiff agrees to give ▇▇▇▇▇▇▇▇ written notice of any default and not to take other action to cause an order or judgment to be entered in connection with this lawsuit until after seven days have elapsed from the date such notice has been received by ▇▇▇▇▇▇▇▇’▇ attorneys. If Plaintiff must thereafter take action with the Court to enforce the Agreement, Alderfer will pay Plaintiff’s attorneys’ fees and costs.
b. The Common Fund shall cover all expenses associated with the Agreement and approved by the Court, including without limitation, Class Notice, Claims Administration Expenses, Class Member Claims, any service award to the Class Representative, and Class Counsel’s Fees as approved by the Court. Interest on the Common Fund shall inure to the benefit of the Class.
c. All taxes on the income of the Common Fund, and any costs or expenses incurred in connection with the taxation of the Common Fund, shall be paid out of the Common Fund, shall be considered a cost of administration, and shall be timely paid by the Claims Administrator without prior order of the Court. The Parties shall have no liability or responsibility for the payment of any such taxes.
d. In the event that the total value of Authorized Claims submitted exceeds or falls short of the amounts available in the Common Fund after deducting all other expenses, any approved service award, and approved Class Counsel’s Fees, then the payment per carton shall be reduced or increased on a pro rata basis, provided however, that in no instance shall the payment per carton exceed $3.00. In the event that funds remain in the Common Fund following these expenses, the remaining funds shall be distributed pursuant to Terms ¶ 7.
e. In no case shall ▇▇▇▇▇▇▇▇ be required to contribute or p...
Common Fund. Defendant will make a one-time payment of the Gross Settlement Amount of $5,200,000 into a Common Fund. Class Members wishing to file a claim can make a claim against the Common Fund for personal injury claims, failure to warn claims, out-of-pocket expenses and past purchases of the Products of up to $19,000. All payments of claims, costs of administration of the Settlement, Attorneys’ Fees and Costs and Service Awards shall be paid only from this Common Fund. In no event will Defendant pay more than the amount of the Common Fund. All Claimants must submit a Claim Form, and Claimants must provide evidence in support of their claims. Claims will be evaluated based on criteria as generally set forth herein with discretion being placed with the Settlement Administrator and Special Master to implement the agreed-upon criteria and award a recovery within the range set forth in Section VII. For less significant claims or claims with undocumented proof of purchase or damages, the amount will be up to $20 per Claimant.
Common Fund. This is a common fund settlement to be administered on a claims-made basis.
Common Fund. 1. Defendants shall make a payment to a Common Fund that will be established to make payments to Class members who submit approved claims as detailed in Section II.D. The total size of the Common Fund will depend on the number of approved claims but will be a minimum of $80,000,000 and a maximum of $145,000,000 established for all Defendants combined.
2. Each Class member who submits a Claim within 180 Days of Final Approval and Judgment and can establish a Qualifying Loss with Proof of a Qualifying Loss, or a Software Upgrade Related Expense, shall be eligible for reimbursement as specified in Section II.D.3 & 5.
Common Fund. In addition to Dollars for Benefits, Class Members shall be entitled to receive compensation from the Common Fund for other pecuniary and non-pecuniary damages, as follows:
Common Fund. All Participating Institutions shall contribute a fixed yearly amount to the Common Fund (cf. Article 7). Per Participating Institution, the contribution to the Common Fund amounts to two thousand (2 000) Swiss francs in 2024.
Common Fund. 2.1 The Parties have agreed to a Common Fund settlement with a maximum payment by Merck of up to $23 million (the "Settlement Amount") for claims made for out-of-pocket expenditures by members of the Class ("Settlement Class") and certain other payment obligations set forth below.
2.2 All of Merck's payment obligations under the Settlement Agreement will be made from the Common Fund and counted against the Settlement Amount. Under no circumstances shall Merck be required to pay into the Common Fund an amount greater than $23 million pursuant to this Agreement.
2.3 Subject to all of the terms of this Agreement, each member of the Settlement Class may obtain recovery of his/her out-of-pocket expenditures for the purchase of Vioxx for personal or family use and up to seventy-five dollars ($75.00) in the aggregate for his/her out-of-pocket costs and losses in connection with any and all Post-Withdrawal Medical Consultations (i.e., costs and losses due to such medical consultation and Vioxx-related diagnostic testing) by submitting a valid claim pursuant to the provisions of Section 11 below.
2.4 Payment will be made only for amounts for which proof of expenditures are presented to the Claims Administrator in accordance with Section 11 below. The Claims Administrator will determine the adequacy of the proof submitted in support of a claim. Only amounts paid by the Class Member submitting a claim (and not any amounts paid or reimbursed by third-party payors or others) will be reimbursed to a Class Member under the Settlement. Because class members will be entitled to payments on the basis of actual out-of-pocket expenditures or costs and losses about which they must submit proof under the terms of this Agreement, there is no minimum payment, except as otherwise provided in Section 11.2.1.
2.5 All reasonable attorneys' fees and expenses incurred in connection with the litigation of the consumer claims and related putative consumer class action cases involving Vioxx, the expenses incurred in providing the Court-approved notice to the Class of the proposed settlement, and the reasonable administrative expenses of the Claims Administrator incurred in connection with the operation of the Settlement, including providing notice to the class, creating and maintaining a class settlement website, processing requests for exclusion from the Class, and the processing of claims and other administration expenses of the Settlement, as approved by the Court, will be paid from th...
Common Fund. The Administrator will apply for a tax ID number, if necessary, and take all necessary steps for the timely creation of the Common Fund, to be held in a QSF bank account.
Common Fund. Upon entry of the Preliminary Approval Order, the District shall establish a Common Fund in the amount of Two Million Five Thousand Dollars $2,005,000 for purposes of effectuating this Settlement. Within three (3) court days of the Effective Date, the District shall distribute the Common Fund as follows:
6.1.1.1. First, to the Claims Administrator for services rendered in connection with its duties herein;
Common Fund. 1. Within ten business days of the entry of the Approval Order, Defendants will deposit the $215,000.00 Common Fund in an account designated by the Third-Party Administrator.