Return of Remaining Funds in Settlement Account if No Final Approval Clause Samples
This clause requires that any funds remaining in a settlement account be returned to the appropriate party if the settlement does not receive final approval. In practice, this means that if a court or regulatory body fails to grant the necessary approval for a settlement agreement, the money that was set aside for the settlement is not distributed but instead is refunded to the original depositor or payor. The core function of this clause is to protect parties from financial loss in the event that a settlement cannot be finalized, ensuring that funds are not wrongfully retained or distributed without proper authorization.
Return of Remaining Funds in Settlement Account if No Final Approval. If for any reason Final Approval cannot be achieved, the Notice Contractor and Claims Administrator shall be notified to cease work. To the extent any funds remain in the Settlement Account, Class Counsel shall promptly seek a Court order to pay the remaining valid invoices of the Notice Contractor and Claims Administrator and, within thirty (30) days thereafter, the Parties shall jointly seek a Court order to return to Defendants all funds, if any, that then remain in the Settlement Account. Defendants shall not be entitled to recoup from Plaintiffs or Class Counsel any funds already spent from the Settlement Account.