PRELIMINARY APPROVAL OF THE SETTLEMENT AGREEMENT Clause Samples
The Preliminary Approval of the Settlement Agreement clause establishes the court’s initial endorsement of a proposed settlement in a legal dispute, pending further review. This clause typically requires the parties to present the settlement terms to the court, which then assesses whether the agreement appears fair, reasonable, and adequate before notifying affected parties and scheduling a final approval hearing. Its core function is to ensure that settlements, especially in class actions, receive judicial oversight to protect the interests of all parties involved before the agreement becomes binding.
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PRELIMINARY APPROVAL OF THE SETTLEMENT AGREEMENT. The Court has carefully scrutinized the Settlement Agreement and preliminarily finds that the Settlement is the product of extensive, non-collusive and arm’s-length negotiations between experienced counsel who were thoroughly informed of the strengths and weaknesses of the related actions through pre-suit disclosure pursuant to Federal Rule of Evidence 408 and during mediation conducted before the Honorable Judge ▇▇▇▇▇▇ ▇. Gold (▇▇▇.).
PRELIMINARY APPROVAL OF THE SETTLEMENT AGREEMENT. 5.1 On or before December 10, 2019, this Settlement Agreement shall be signed by all Parties and, no later than December 13, 2019, the Parties shall submit this Settlement Agreement to the Court for preliminary approval. The Settlement Agreement shall be submitted by filing a Joint Motion for Preliminary Approval of Proposed Settlement signed by or on behalf of the Class, Plaintiffs and BBUSA, with a proposed form of order attached thereto that will include the Court’s preliminary approval of the Settlement Agreement and a determination that the settlement is fair, reasonable and adequate.
5.2 At the preliminary approval hearing, BBUSA shall not object to the appointment of Plaintiffs as Class Representatives and the appointment of ▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇▇ of ▇▇▇▇▇ & Associates and ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇ and ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ of ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ & ▇▇▇▇▇ LLP as Class Counsel.
PRELIMINARY APPROVAL OF THE SETTLEMENT AGREEMENT. The Court hereby grants the parties’ joint motion for preliminary approval.
PRELIMINARY APPROVAL OF THE SETTLEMENT AGREEMENT. The Court preliminarily finds that the settlement of the Action, on the terms and conditions set forth in the Settlement Agreement, is in all respects fundamentally fair, reasonable, adequate, and in the best interest of the Settlement Class Members, especially in light of the benefits to the Settlement Class Members; the strength of the parties’ cases; the complexity, expense, and probable duration of further litigation; the risk and delay inherent in possible appeals; the risk of collecting any judgment obtained on behalf of the Settlement Class; the appropriateness of the releases from the Class Representatives and Settlement Class Members; and the limited amount of any potential total recovery for Settlement Class Members if the Action continued.
PRELIMINARY APPROVAL OF THE SETTLEMENT AGREEMENT. A. Unless otherwise provided herein, the terms used in this Order are defined in accordance with the definitions of such terms set forth in the Settlement Agreement.
B. The terms of the Settlement Agreement are hereby preliminarily approved, subject to further consideration at the Final Approval Hearing provided for herein. The Court finds that the Settlement encompassed by the Settlement Agreement is preliminarily determined to be fair, reasonable, adequate, and in the best interests of the Class, raises no obvious reasons to doubt its fairness, and raises a reasonable basis for presuming that the Settlement and its terms satisfy the requirements of Federal Rules of Civil Procedure 23(c)(2) and 23(e) and due process so that Notice of the Settlement should be given.
PRELIMINARY APPROVAL OF THE SETTLEMENT AGREEMENT. 1. The Court preliminarily approves the proposed Settlement Agreement, including the Allocation Decision, because the Parties have shown, and the Court concludes, that, pursuant to Federal Rule of Civil Procedure 23(e)(1)(B)(i), the Court will likely be able to grant final approval and find that the Settlement Agreement is fair, reasonable, and adequate, including that (i) Plaintiffs and Plaintiffs’ Class Counsel have adequately represented the Class, (ii) the Subclass representatives and Allocation Counsel have adequately represented their respective Subclasses, (iii) the Settlement Agreement was entered into in good faith, free of collusion, through significant arm’s-length negotiations assisted by the experienced Court-Appointed Economic Loss Settlement Mediator; (iv) the Allocation Decision was reached through arm’s-length negotiations and presentations from Allocation Counsel and then determined by the Court-Appointed Economic Loss Settlement Mediator; (v) the relief provided for the Class and each Subclass is adequate taking into account the costs, risks, and delay of trial and appeal and the effectiveness of distributing relief; and (vi) the Settlement Agreement and Allocation Decision treat Class Members equitably relative to each other.
2. The Court authorizes establishment of the Common Fund in accordance with the terms of the Qualified Settlement Fund Trust Agreement, which is attached to the Settlement Agreement as Exhibit 7. The Common Fund is established as a “qualified settlement fund” within the meaning of Section 468B of the Internal Revenue Code and the Treasury Regulations thereunder. The Common Fund shall be operated in a manner consistent with the rules of Treasury Regulation Section 1.468B-1, et seq. The Court shall retain continuing jurisdiction and supervision over the Common Fund, in accordance with the terms of the Qualified Settlement Fund Trust Agreement. The Court appoints Flora Bian of JND Legal Administration as Qualified Settlement Fund Administrator and Trustee to carry out all duties and responsibilities of the Qualified Settlement Fund Administrator and Trustee as specified in the Settlement Agreement, the Qualified Settlement Fund Trust Agreement and herein.
PRELIMINARY APPROVAL OF THE SETTLEMENT AGREEMENT. 9 1. The Court has reviewed the Settlement Agreement, pleadings, and proceedings to 10 date in this matter. The definitions in the Settlement Agreement are hereby incorporated as though 11 fully set forth in this Order, and capitalized terms shall have the meanings attributed to them in the
PRELIMINARY APPROVAL OF THE SETTLEMENT AGREEMENT. 7.1 On or before October _, 2022, this Settlement Agreement shall be signed by all Parties and the Parties shall submit this Settlement Agreement to the Court for preliminary approval. This submission shall be made by means of a Joint Motion for Preliminary Approval of Proposed Settlement signed by or on behalf of the Class, the Plaintiffs, and BCBSLA with a proposed form Preliminary Approval Order attached thereto, which order of preliminary approval will include the Court’s preliminary approval of the Settlement Agreement, a preliminary determination that the settlement set forth therein is fair, reasonable, and adequate, and provisions specifying notice to the Class as contemplated by La. C.C.P. art. 594. The Preliminary Approval Order shall be substantially in the form attached hereto as Exhibit 2.
PRELIMINARY APPROVAL OF THE SETTLEMENT AGREEMENT. AND ESTABLISHING NOTICE PROCEDURES PURSUANT TO RULE 7023 This matter comes before the Court on the Motion of Plaintiffs, Obasi Investment Limited, Jingli (Jude) ▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇, and ▇▇▇▇▇ ▇▇▇▇▇▇ (collectively, the “Obasi Group” and the “Lead Plaintiffs”), individually and on behalf of others that are similarly- situated, by counsel, for Entry of An Order Granting Preliminary Approval of the Settlement Agreement and Establishing Notice Procedures pursuant to Rule 7023 (the “Motion”), and the ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, III, Esq. (VSB No. 31698) ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇, Esq. (VSB No. 47522) ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇, Esq. (VSB No. 80307) ▇▇▇▇▇▇ ▇▇▇▇ PC ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Telephone: (▇▇▇) ▇▇▇-▇▇▇▇ Facsimile: (▇▇▇) ▇▇▇-▇▇▇▇
PRELIMINARY APPROVAL OF THE SETTLEMENT AGREEMENT. 18 8. The Court has reviewed the Settlement Agreement and the proposed Class Notice, 19 which is attached as an exhibit to the Settlement Agreement. The Court finds, on a preliminary 20 basis, that the Settlement Agreement appears to be within the range of reasonableness of a 21 settlement that could ultimately be given final approval by this Court. It appears to the Court on a 22 preliminary basis that:
23 a. The settlement amount is fair and reasonable to all Class Members when 24 balanced against the probable outcome of further litigation relating to liability and damages issues;
25 b. Extensive and costly investigation and research have been conducted such 26 that counsel for the parties at this time are reasonably able to evaluate their respective positions;
27 c. Settlement at this time will avoid additional substantial costs, such as those 28 that have already been incurred by both parties, as well as avoid the delay and risks that would be 1 presented by the further prosecution of this litigation; and
2 d. The proposed settlement has been reached as the result of intensive, serious, 3 and non-collusive arm’s-length negotiations.
4 9. The Court further approves the following representative group of employees as 5 governed by the Settlement Agreement with respect to the PAGA Claim: