In connection with the Final Approval Hearing on the Settlement, Class Counsel will apply to the Court for an award of expenses and attorneys' fees, with the total amount not to exceed $3,750,000 in expenses and $11,095,000 in fees, which is approximately equal to twenty-nine (29) percent of the $42,000,000 total settlement consideration after deduction of expenses. For more than five years, Class Counsel have worked without compensation on this case. During that time, they spent thousands of hours and more than $3.5 million of their own money advancing the litigation. If the case had not settled or if it turned out to be unsuccessful, Class Counsel would have lost their entire investment in the case.
In the event the Court declines to approve, in whole or in part, the payment of attorneys’ fees, and expenses in the amounts requested by Class Counsel, the amount not awarded will be distributed, on a pro rata basis, to Settlement Class Members who submitted valid Cash Claim Forms by the Claims Deadline.
Class Counsel will also apply to the Court for service awards for each of the three Class Representatives in an amount not to exceed $10,000 each. These service awards compensate the Class Representatives for their efforts and commitment on behalf of the Settlement Class during the Litigation, including sitting for depositions, producing documents, submitting testimony to the Court, and communicating with Class Counsel on behalf of Class Members.