Settlement Delayed, Settlement Denied Part 4: Delaying Tactic or Delaying Antic?

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New Post as of July 29: Settlement Delayed Part 6: Checks Are Here!


Supplemental Updates as of May 13, 2011

Dear Readers,

After the last batch of plaintiffs that filed opt-ins in January 2011, another cause of this already delayed settlement case, but this time, from the very lawyers of the Plaintiffs. I was surprised because the issue with them is not about attorneys' fees. As everyone knows, they gladly accepted their fees in the amount of $11,321,849.62 in total. But the issue this time is on material expenses and cost they incurred during the litigation of this case.

It is ironic because, it should be the least among complicated issues. It revolves around money, money and nothing but money. After all, money is the main driving force for their actions, c'mon let's face it.

In their meeting last February 28, the Court had asked plaintiffs' lawfirms Schneider Wallace, Grady Schneider, Goldstein, Demchak, Baller, Borgen & Dardarian, and Bailey Pinney  to submit documentation and receipts. However, since they only presented figures and numbers, the Court failed to grant their motion but instead RESERVED it until they can substantiate their expenses. Plaintiffs' lawyers asked the Court another extension of deadline until March 3.

But in March 3, these law firms with the exeption of Schneider Wallace, failed to submit their documentation and receipts supplementing their expenses and cost for the second time. Therefore, the Court was unable to complete its review of the expenditures.

At their subsequent meeting On April 1, the Court has only granted 3 Motions that Plaintiffs have requested but still RESERVED its ruling on Plaintiffs’ request for awards of costs incurred by Grady Schneider, Goldtsein Demchak, and Bailey Pinney pending Plaintiffs’ submission of supplemental documentation.

It is only on May 13, that the Court has finally approved Plaintiff's request for an award of litigation costs and expenses to Grady Schneider, Goldstein Demchak, and Bailey Pinney. Here's the breakdown:

• Schneider Wallace:         $1,598.589.41 in costs and expenses
• Grady Schneider:           $   217,323.64 in costs and expenses
• Goldstein Demchak:       $     24,000 in costs and expenses
• Bailey Pinney:                $    107,427.39 in costs and expenses

Here's the Court's exact words in its concluding statement in its May 13 decision:

"In sum, the Court GRANTS Plaintiffs’ request for an award of litigation costs and expenses as follows. The Court awards Grady Schneider $217,323.64 in costs and expenses. The Court awards Goldstein Demchak $24,000 in costs and expenses. The Court awards Bailey Pinney $107,427.39 for costs and expenses. Pursuant to the terms of the Settlement Agreement, the remaining $6,418.38 previously reserved from the Settlement Amount shall be included the Settlement Payment distributed to Authorized Claimants.


IT IS SO ORDERED."

Of course we respect the decision of the Court.

But, if you compute the days passed from February 28 until May 13, that's another solid 6 weeks of delay. Should plaintiffs' lawyers filed their expenses and costs together with receipts and documentation in their meeting last February 28, the court should have been more expeditious in granting these motions and we wouldn't have all these delays in the first place.

It seems to many that this is nothing but delaying tactic AND delaying antic on the part of the lawyers. They should be more expeditious to perform their work on time. After all, this is all about their reward. I said "their" reward because we all know that they get compensated first before plaintiffs do.   This has been causing pain in the rear for most of the class members. How much more time do we have to wait for our check to arrive in our mailbox? 

We dare anyone from the plaintiffs' lawyers to come up and answer these questions. They should give Plaintiffs some concrete dates and not just some fancy "any day of the year" predictions. If they couldn't send  email updates to every class member, (which is the easiest thing to do, BTW and the least expensive) at least they should update their website dedicated to this settlement case, right?  When was the last time they updated their webpages for this case? Two years ago?

It is not difficult to update a webpage. You and I can do it. They already have all the latest information about the case and they know better than the rest of us, right? If they can't do it, then I am willing to volunteer myself to update their webpages pro bono if that is necessary in the service of the more than 30,000 class members that participated this case.

When was the last time you get an email from Rust Consulting or from any of the law firms representing the Plaintiffs? I believe that it is their responsibility to inform their clients because it is also the right of every class member to be informed. We are not questioning their expertise or reputation but at least they should inform all eligible claimants what's happening. C'mon your honors, speed up the settlement, let us know what's going on, and do not be a cause of the delay...again.