Court Approval of the Settlement. 4664429.1 In October 2011, a class proceeding styled as Xxxxxx v CIBC Mortgage Inc. was commenced in the Supreme Court of British Columbia (the “BC Court”) against CIBC Mortgages Inc. (“CIBC” and the “British Columbia Action”). Concurrently in October 2011, a class proceeding styled as Jordan v CIBC Mortgage Inc. was commenced in the Ontario Superior Court of Justice (the “Ontario Court”) against CIBC (the “Ontario Action”). The Class Actions challenged the validity of CIBC’s method for calculating mortgage prepayment charges, and in particular, the Interest Rate Differential (“IRD”) formula. An Interest Rate Differential compares the prevailing interest rates at the time of borrowing and the time of prepayment. Prepayment charges can arise when borrowers pay off more of their mortgage then they are entitled to under their mortgage agreement. The BC Court conditionally certified the British Columbia Action as a class proceeding on behalf of the British Columbia Class Members on June 30, 2014, with full certification on March 31, 2015. In subsequent decisions of the Court of Appeal for British Columbia and the BC Court, the scope of the certified class proceeding was narrowed and broadened. Pursuant to the order dated ⚫, British Columbia Class Members were afforded the right to exclude themselves or “opt out” of the BC Class no later than ⚫. This Notice does not affect persons who validly exercised the right to opt out. Persons who opted out are not entitled to participate in the Settlement. On February 21, 2019, the Ontario Court certified the Ontario Action as a class proceeding on behalf of the Ontario Class Members. Pursuant to this order, Ontario Class Members were afforded the right to exclude themselves or “opt out” of the Ontario Class no later than ⚫. This Notice does not affect persons who validly exercised the right to opt out. Persons who opted out are not entitled to participate in the Settlement. The parties have engaged in lengthy settlement negotiations. On ⚫, the Plaintiffs and the Defendant executed a Settlement Agreement providing for the settlement of the Class Actions (the “Settlement”). The Settlement provides for the payment of CAD$7.5 million (the “Settlement Funds”) in consideration of the full and final settlement of the claims of Class Members. The Settlement Funds include all legal fees, disbursements, taxes and administration expenses. In return for the payment of the Settlement Funds, the Settlement provides that the claims of ...
Court Approval of the Settlement. 16. How, when and where will the Court decide whether to approve the Settlement? The Court will hold a Final Approval Hearing to decide whether to approve the Settlement. That hearing is scheduled for Month DD, 2023, at XX:XX A.M./P.M., at Court Address. At the Final Approval Hearing, the Court will consider whether the settlement is fair, reasonable, and adequate. If there are timely objections, the Court will consider them and will listen to people who have properly requested to speak at the hearing. The Court may also consider Plaintiffs’ request for attorneys’ fees and costs, and Plaintiffs’ request for service awards for the Representative Plaintiffs. After the hearing, the Court will decide whether to approve the Settlement. It is possible the Court could reschedule the hearing to a different date or time without notice, so it is a good idea before the hearing to check URL to confirm the schedule if you wish to attend.
Court Approval of the Settlement. (a) By August 15, 2018 or any other date directed by the Court, the Parties shall jointly move for entry of a Preliminary Approval Order, preliminarily approving the Settlement and a plan of allocation agreed upon by the Parties. If there is no such filing by August 15, 2018, the Parties will return to litigation, nunc pro tunc.
Court Approval of the Settlement. On ⚫, 2019, the Plaintiffs and the Defendants executed a Settlement Agreement providing for the settlement of the Action (“Settlement”). The Settlement Agreement provides for the payment of CAD$6,500,000.00 (“Settlement Amount”) in consideration of the full and final settlement of the claims of Class Members. The Settlement Amount includes all legal fees, disbursements, taxes and administration expenses. The Settlement provides that the claims of all Class Members asserted or which could have been asserted in the Action will be fully and finally released, and the Action will be dismissed. The Settlement is not an admission of liability, wrongdoing or fault on the part of the Defendants, all of whom have denied, and continue to deny, the allegations against them. On ⚫, the Ontario Court approved the Settlement and ordered that it be implemented in accordance with its terms. The Ontario Court also awarded Siskinds LLP (“Class Counsel”) total legal fees, expenses and applicable taxes in the amount of CAD$⚫ (“Class Counsel Fees”) inclusive of disbursements of CAD$⚫, plus HST. As is customary in such cases, Class Counsel conducted the class action on a contingent fee basis. Class Counsel was not paid as the matter proceeded and funded the expenses of conducting the litigation. Class Counsel Fees will be deducted from the Settlement Amount before it is distributed to Class Members. Expenses incurred or payable relating to approval, notification, implementation and administration of the Settlement (“Administration Expenses”) will also be paid from the Settlement Amount before it is distributed to Class Members. The Plaintiffs entered into a litigation funding agreement with Claims Funding Australia Pty Ltd (“CFA”). Pursuant to that agreement, CFA agreed to pay any adverse cost awards against the Plaintiffs, and to pay C$50,000 towards disbursements. In return, CFA is entitled to receive from the Settlement Amount reimbursement of disbursements paid and 7% of the amounts distributed to the Class Members after the deduction of Class Counsel Fees and Administration Expenses (“Funding Expenses”). The litigation funding agreement with CFA was approved by the Ontario Court on November 21, 2013. Amounts owing to CFA will be deducted from the amounts to be distributed to the Class Members before the actual distribution. The Ontario Court also approved the payment of an honorarium to the Plaintiffs in the amount of CAD$⚫. The honorarium will be deducted from the Settlemen...
Court Approval of the Settlement. In 2018, proposed class proceedings were commenced against the defendants Apple Inc. and Apple Canada Inc. (together, “Apple”):
Court Approval of the Settlement. 9.1. The Parties and their respective counsel agree to cooperate fully with one another and to take all actions and steps reasonably necessary in seeking and obtaining Court approval of the Settlement and in the execution of such documents as are reasonably necessary and appropriate to obtain approval of and to implement the Agreement.
Court Approval of the Settlement. 21. How, when and where will the Court decide whether to approve the Settlement? The Court will hold a Final Settlement Approval Hearing to decide whether to approve the Settlement. That hearing is scheduled for [DATE] at [TIME] at the United States District Court, Northern District of Illinois, located at 000 Xxxxx Xxxxxxxx Xxxxxx, Xxxxxxx, XX 00000. Please visit the Court’s website at xxxxx://xxx.xxxx.xxxxxxxx.xxx/ for current Court Operations and Safety Protocols information. At the Final Settlement Approval Hearing, the Court will consider whether the Settlement is fair, reasonable, and adequate. If there are timely objections, the Court will consider them and will listen to people who have properly requested to speak at the hearing. The Court may also consider Settlement Class Counsel’s request for attorneys' fees and costs, and the request for a service award for the Representative Plaintiff. After the hearing, the Court will decide whether to approve the Settlement. It is possible the Court could reschedule the hearing to a different date or time without notice, so it is a good idea before the hearing to check xxx.xXxxxxxXxxxxxxxXxxxxxxxxx.xxx or the Court docket in this case, for a fee, through the Court’s Public Access to Court Electronic Records (PACER) system at xxxxx://xxxxx.xxxxxxxx.xxx/ to confirm the schedule if you wish to attend.
Court Approval of the Settlement. The terms and conditions of this settlement are subject to Court approval. The Parties will jointly petition the Court for an Order approving this settlement as fair, reasonable, and adequate and approving the terms of this Settlement Agreement. If the Settlement Agreement is approved by the Court, the Claims Administrator will make payment to each eligible Plaintiff by mailing a check or making electronic payment to him or her. If the Court does not approve the Settlement Agreement, no payment will be distributed to any individual, the entire Settlement Agreement will be void and unenforceable, and the Parties shall be restored to the status quo ante, that is, their respective positions that existed in this lawsuit prior to entering into this Settlement Agreement.
Court Approval of the Settlement. 21. How, when and where will the Court decide whether to approve the settlement? , 202 at a.m./p.m. The Court will hold a Final Approval Hearing to decide whether to approve the settlement. That hearing is scheduled for at the Oakland Courthouse, 1301
Court Approval of the Settlement. 41. No later than May 2, 2016 or any other date directed by the Court, Plaintiffs’ Counsel shall move on notice to Defendants’ Counsel for entry of the Preliminary Approval Order (in the form of Exhibit 2 attached hereto). The Preliminary Approval Order will, inter xxxx, set the date for the Settlement Hearing, approve the form of notice, and prescribe the method for giving notice of the Settlement to the Class.
