Common use of Why is there a Settlement Clause in Contracts

Why is there a Settlement. The Court has not reached a final decision as to the Class Representatives’ claims. Instead, the Class Representatives and Reliance Trust Company have agreed to the Settlement. The Settlement is the product of extensive negotiations between Class Counsel and Reliance Trust Company’s counsel, including an all-day session with a private national mediator and subsequent additional arm’s length negotiations. The Settling Parties only reached a settlement after completing an extensive two-week trial. The parties to the Settlement have taken into account the uncertainty and risks of litigation and have concluded that it is desirable to settle on the terms and conditions set forth in the Settlement Agreement. The Class Representatives and Class Counsel, who are highly experienced in this kind of matter, believe that the Settlement is best for all Class Members.

Why is there a Settlement. The Court has not reached a final decision as to the Class Representatives’ claims. Instead, the Class Representatives and Reliance Trust Company Defendants have agreed to the Settlement. The Settlement is the product of extensive negotiations between Class Counsel and Reliance Trust Company’s counsel, including an Defense Counsel and multiple all-day session sessions with a private national mediator and subsequent additional arm’s length negotiationswith multiple judges from the Southern District of Illinois. The Settling Parties only Settlement was reached at the courthouse at the time trial was set to begin, and the parties were ready to proceed with a settlement after completing an extensive twomonth-week long trial. The parties to the Settlement have taken into account the uncertainty and risks of litigation and have concluded that it is desirable to settle on the terms and conditions set forth in the Settlement Agreement. The Class Representatives and Class Counsel, who are highly experienced in this kind of matter, believe that the Settlement is best for all Class Members.