Settlement Fund Clause Samples
A Settlement Fund clause establishes a dedicated pool of money to be used for resolving claims or disputes, typically as part of a legal settlement. This clause outlines how the fund is created, who contributes to it, and the procedures for distributing payments to eligible claimants. For example, in a class action lawsuit, the defendant may agree to pay a specified amount into the fund, which is then managed by a third party or administrator. The core practical function of this clause is to ensure that there are sufficient, clearly allocated resources available to compensate affected parties, thereby streamlining the settlement process and providing assurance to all involved.
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Settlement Fund. The contents of the Settlement Fund shall be deemed and considered to be in custoda legis of the Court, and shall remain subject to the jurisdiction of the Court, until such time as funds shall be distributed pursuant to the Settlement Agreement and/or further order(s) of the Court.
Settlement Fund. All payments under this Section IV shall be made into the Settlement Fund, except that, where specified, they shall be made into the Settlement Fund Escrow. The Settlement Fund shall be allocated and used only as specified in Section V.
Settlement Fund. The contents of the Settlement Fund held by The Huntington National Bank (which the Court approves as the Escrow Agent), shall be deemed and considered to be in custodia legis of the Court, and shall remain subject to the jurisdiction of the Court, until such time as they shall be distributed pursuant to the Stipulation and/or further order(s) of the Court.
Settlement Fund. The interest-bearing fund established pursuant to this Agreement into which the Annual Payments are made under Section IV.
Settlement Fund. The Settlement Fund shall be used for the payment of the costs of Taxes; Tax Expenses; Class Counsel’s Fees and Costs; Plaintiffs’ Incentive Awards; the costs incurred by the Escrow Agent and Settlement Administrator; the costs of delivering notice to the Class; and the claims of Authorized Claimants, and/or the distributions to Cy Pres Recipients described in Section 2.3 and Section 2.4. If any interest or other investment income is earned on the Settlement Fund while in the control of the Escrow Agent, such interest shall be included in the Net Settlement Fund and disbursed as part of the Settlement or, if the Final Settlement Date does not occur, returned to Facebook as provided below.
(a) Within twenty-one (21) calendar days after entry of the Preliminary Approval Order, Facebook shall cause to be paid into an interest-bearing account designated and controlled by the Escrow Agent that portion of the Settlement Fund projected to be adequate to pay for the costs of delivering notice to the Class (as described in Section 3.3 below), based on reasonable estimates provided by the Settlement Administrator and/or any third-party vendor contemplated to be responsible for delivering notice. For the sake of clarity, this payment into the escrow account will exclude any amounts for payment of Class Counsel’s Fees and Costs, Plaintiffs’ Incentive Awards, and the claims of Authorized Claimants, and/or the distributions to Cy Pres Recipients described in Section 2.3 and Section 2.4.
(b) Thereafter, Facebook may, at its discretion, cause to be paid into the escrow account additional portions of the Settlement Fund for the purposes of paying any additional costs of delivering notice to the Class, any costs incurred by the Escrow Agent and Settlement Administrator, any costs of Taxes, or any Tax Expenses. For the sake of clarity, these payments into the escrow account will exclude any amounts for payment of Class Counsel’s Fees and Costs, Plaintiffs’
(c) Within five (5) business days after the Final Settlement Date, Facebook shall cause to be paid into the escrow account the remaining portion of the Settlement Fund that has not previously been paid into the escrow account.
(d) All funds held by the Escrow Agent shall be deemed and considered to be in custodia legis of the Court, and shall remain subject to the jurisdiction of the Court, until such time as such funds shall be distributed pursuant to the Settlement Agreement and/or further order(s) of the Court.
(e) Upon...
Settlement Fund. The contents of the Settlement Fund held by Citibank, N.A. (which the Court approves as the Escrow Agent) shall be deemed and considered to be in custodia legis of the Court, and shall remain subject to the jurisdiction of the Court, until such time as they shall be distributed pursuant to the Stipulation and/or further order(s) of the Court.
Settlement Fund. All funds held in escrow shall be deemed and considered to be in custodia legis of the Court, and shall remain subject to the jurisdiction of the Court until such time as such funds shall be disbursed pursuant to the Stipulation and/or further order of the Court.
Settlement Fund. 8.1 No later than thirty (30) calendar days after the Effective Date, Novartis shall provide, by wire transfer, to the Claims Administrator $152,500,000.00 (the “Settlement Fund”). The Settlement Fund is calculated based upon the Total Settlement Amount described in Paragraph 6.1 ($175,000,000.00) minus the value of the non-monetary relief portion of the Settlement described in Section VII ($22,500,000.00).
8.2 The Settlement Fund will be placed in an interest bearing account (the “Settlement Fund Account”) approved by Class Counsel with a unique Taxpayer Identification Number. Any interest accrued prior to the distribution of any monetary awards will be divided equally between the Class Award for Backpay and the Maximum Class Award for Compensatory Damages, described in Paragraphs 10.1(iii) and (iv) below, and distributed according to the procedures set forth therein.
8.3 The Settlement Fund Account will constitute a qualified settlement fund pursuant to Internal Revenue Code Section 1.468B-1. Upon the opening of the account, Novartis shall execute an election statement provided by the Claims Administrator which shall be affixed to the initial tax return of the Settlement Fund Account in order to establish the start date of the Settlement Fund Account. The Settlement Fund Account will be created, managed and disbursed by the Claims Administrator under the supervision of Class Counsel and Counsel for Novartis. The Claims Administrator shall be the only entity authorized to make withdrawals or payments from the Settlement Fund Account. Novartis will have no responsibilities or liabilities with respect to the administration of the Settlement Fund Account, including any distribution therefrom and the reporting for such distribution.
8.4 Upon wiring the Settlement Fund amount, Novartis will have no further monetary obligations with respect to Settlement Class Members, Class Counsel or Named Plaintiffs pursuant to the Settlement and shall have no further responsibility to make any additional payments pursuant to this Settlement, including with respect to attorneys’ fees and costs.
8.5 The Claims Administrator shall have the obligation to return the entire Settlement Fund (including all income and/or interest generated by the Settlement Fund Account) to Novartis within five (5) business days in the event of revocation of this Settlement pursuant to Section XI below, or in the event that this Settlement Agreement is reversed on appeal or is otherwise rendered nul...
Settlement Fund. The contents of the Settlement Fund held by ▇▇▇▇▇▇▇▇▇▇ National Bank (which the Court approves as the Escrow Agent) shall be deemed and considered to be in custodia legis of the Court, and shall remain subject to the jurisdiction of the Court, until such time as they shall be distributed pursuant to the Stipulation and/or further order(s) of the Court.
Settlement Fund. Each Class member shall look solely to the Settlement Fund for settlement and satisfaction, as provided herein, of all claims released by the Releasors pursuant to Paragraphs 11 to 16 herein. Except as provided by order of the Court upon finally approving and giving effect to the Settlement Agreement, no Class member shall have any interest in the Settlement Fund or any portion thereof.