Settlement Funding and Payments Clause Samples
Settlement Funding and Payments. 4.1 Payments from the Gross Settlement Amount. Five (5) business days prior to the anticipated Effective Date, the Administrator will send Class Counsel and Defendant’s Counsel the account information so that Defendant can wire the GSA. Within 10 business days after Defendant funds the Gross Settlement Amount, the Administrator will mail checks to the Participating Class Members, Aggrieved Employees, the LWDA, Class Counsel, and Class Representatives pursuant to the allocations set forth in Section 3 of this Agreement. Disbursement of the Class Counsel Fees Payment, the Class Counsel Litigation Expenses Payment and the Class Representative Service Payments shall not precede disbursement of Individual Class Payments and Individual PAGA Payments.
4.2 Uncashed Checks. Settlement checks that are not cashed within 160 calendar days from the date of issuance by the Administrator will be voided. The Administrator shall transmit the funds represented by such voided checks in conformity with the Code of Civil Procedure Section 384, subd. (b) to Bet Tzedek (“Cy Pres Recipient”).
Settlement Funding and Payments. 4.1 Class Workweeks and Aggrieved Employee Pay Periods. Based on a review of its records to date, Defendant estimates that there are 140 Class Members who collectively worked a total of 12,500 Workweeks, and 109 Aggrieved Employees who worked a total 2,402 of PAGA Pay Periods.
Settlement Funding and Payments. (a) Rite Aid agrees to pay up to a maximum of five million and five-hundred thousand dollars and no cents ($5,500,000.00), in order to fully and finally resolve this Action in its entirety, inclusive of all Attorneys’ Fees and Lawsuit Costs; interest; Administration Costs; Distribution Amounts, liquidated, punitive and multiplier of damages; taxes; employee payroll taxes, Employer Payroll Taxes, and Incentive Awards, if any. Rite Aid shall not be responsible for any taxes imposed by law on the Settlement Class Members as a result of payments made to the Participating Settlement Class Member, or any other sums in excess of the Gross Settlement Amount. The amounts necessary to pay the Administration Costs and Employer Payroll Taxes shall be paid by Rite Aid into the Calculated Settlement Fund from any unclaimed amounts from the Net Settlement Amount as set forth in Section 5(j). However, in the event that the Calculated Settlement Amount exceeds the Gross Settlement Amount of $5,500,000.00, any amount in excess of the Gross Settlement Amount necessary to pay Administration Costs and Employer Payroll Taxes shall be deducted from the Distribution Amounts paid to each Participating Settlement Class Members on a pro rata basis.
(b) Rite Aid shall deposit the Calculated Settlement Amount into the QSF as follows: Within fourteen (14) days after the Effective Date, Rite Aid shall deposit the Calculated Settlement Amount into an interest-bearing account mutually agreed upon by Class Counsel and Rite Aid’s Counsel and to be under the control of the claims administrator and designated as a QSF for distribution in accordance with the terms of the Agreement.
(c) Rite Aid’s payments into the QSF shall be treated as a payment of a Qualified or Designated Settlement Fund under I.R.C. §468B and the regulations or proposed regulations promulgated hereunder (including without limitation Treasury Reg.
§1. 468B-1-5 or any successor regulation).
(d) The QSF will be established by the Claims Administrator pursuant to the Internal Revenue Code and insured and guaranteed to the full extent permissible under 12 CFR § 370.4. Any funds on deposit in the QSF shall be deemed and considered to be in custodia legis of the Court. The QSF will be created as an interest bearing account and the Claims Administrator will prepare any tax returns on any interest earned by the QSF and pay such taxes from the QSF.
(e) Within seven (7) days of the issuance of the Final Approval Order and the Court’...
Settlement Funding and Payments. DocuSign Envelope ID: CFA6DA4E-A8A6-4D5B-9EE3-3F29BF7E061B
Settlement Funding and Payments