The opinion
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
JAMES CONTANT, et al.,
Plaintiffs, No. 17-cv-3139-LGS
v.
(related to No. 13-cv-7789-LGS)
BANK OF AMERICA
CORPORATION, et al.,
Defendants.
-[-P--R--O---P--O---S-E---D--]- ORDER GRANTING PLAINTIFFS’ MOTION FOR REIMBURSEMENT
OF SETTLEMENT ADMINISTRATION COSTS, A SUPPLEMENTAL AWARD OF
ATTORNEYS’ FEES AND CY PRES AWARD OF ANY REMAINING NET
SETTLEMENT FUNDS
WHEREAS, Plaintiffs filed a motion to disburse the Net Settlement Funds to authorized
Claimants on November 30, 2021 (ECF Nos. 538-41);
WHEREAS, on January 5, 2022, the Court granted the motion and ordered a distribution
pursuant to the Plan of Allocation but stayed the distribution of the Net Settlement Funds due to
claimant AMA Capital Management LLC’s (“AMA”) appeal of the portion of its claim denied
for lack of substantiation (ECF No. 562);
WHEREAS, on April 14, 2023, the Second Circuit affirmed this Court’s orders
concerning AMA’s claim and its motion to intervene (Contant v. AMA Cap., LLC, 66 F.4th 59 (2d
Cir. 2023));
WHEREAS, on May 8, 2023, the Second Circuit Court of Appeals issued its mandate
sending the case back to this Court (ECF No. 578);
WHEREAS, on January 5, 2024, the Court approved the pro rata distribution of the Net
Settlement Funds to authorized Claimants pursuant to a distribution plan proposed by Class
Counsel (ECF No. 620);
WHEREAS, on January 24, 2024, the first tranche of distribution checks to authorized
Claimants were issued (ECF No. 621) and the mailing of checks was completed by February 6,
2024 (ECF No. 626-1);
WHEREAS, funds remain in (i) the Claim Administrator’s settlement distribution
account from uncashed checks by authorized Claimants after numerous attempts to reissue
those checks, and (ii) a Net Settlement Fund bank account containing unused funds that were
held in reserve for contingent events;
WHEREAS, the Court has considered the Motion for Reimbursement of Settlement
Administration Costs, Supplemental Award of Attorneys’ Fees and Cy Pres Award of the
Remaining Net Settlement Funds, and other documents submitted in support;
IT IS HEREBY ORDERED, ADJUDGED AND DECREED:
1. Payment of $60,755.01 to the Claims Administrator Kroll Settlement
Administration LLC (“Kroll”) is hereby approved.
2. Payment to Kroll of $2,000.00 to complete settlement administration is hereby
approved.
3. Payment of $39,860.67 to applEcon is hereby approved.
4. Payment to Class Counsel of $6,083.55 for expenses and $50,000 for funds
advanced to pay taxes owed is hereby approved.
5. Payment of $307,564.25 to Class Counsel as a supplemental attorneys’ fee award
is hereby a-p--p--r-o-v--e-d--. denied. The prior fee award was based primarily on the settlement fund
amount and the Goldberger factors and not the lodestar.
6. --A-eypres-distribution-te- Fhe-Legal Aid-Soetety as-to all funds remaining; if any,
all other-Court approved payments have been -mades hereby approved.
When all settlement funds have been disbursed except for any cy pres distribution, class counsel
Shall file a letter and include an accounting showing where the settlement funds have been
disbursed, the amount proposed for any cy pres distribution and the source of those funds (e.g.
uncashed checks), and why distribution of that amount to class members is impracticable.
SO ORDERED.
Dated; October 8 2024
LORNA G. SCHOFIEL
UNITED STATES DISTRICT JUDGE