e.g., Lake v. First Nationwide Bank, 900 F. Supp. 726, 736-37 (E.D. Pa. 1995) (awarding a class representative fee of $ 500 to both class representative to compensate them for their actual time and expenses). No other fee, other than the payment to which she may be entitled as a member of the class, shall be paid to the class representative.
The Court grants final certification to the proposed class and approves the settlement agreement between the parties. The Court denies the request for certification of a final judgment and order under Rule 54(b). The Court further awards Plaintiffs' counsel attorneys' fees in the amount of $ 612,500.00, and reimbursement for litigation costs in the amount of $ 42,516.73. A class representative fee in the amount of $ 1600 is awarded to Diane D. Pozzi to account for the actual time she spent during her involvement with the litigation.
Appropriate findings and an order shall be entered.
FINDINGS AND ORDER
And Now, this 24th day of January, 1997, the Court makes the following findings and issues the following order:
This matter came for a hearing before the undersigned on December 13, 1996, on the motion of Plaintiffs for final approval of the class action settlement entered into between the parties to the action. Defendants Quad Systems, Inc., David W. Smith, David H. Young, and Anthony R. Drury (Quad and the individual defendants are hereinafter referred to as "Defendants"), by and through their counsel, appeared in support of said motion.
Plaintiffs were represented by Dennis J. Johnson of the Law Offices of Dennis J. Johnson, 1690 Williston Rd., S. Burlington, Vermont; and Stuart H. Savett and Barbara A. Podell of the law firm of Savett, Frutkin, Podell, and Ryan, P.C., 320 Walnut Street, Philadelphia, Pennsylvania. Quad was represented by R. Nicholas Gimbel of the law firm of Hoyle, Morris & Kerr, One Liberty Place, 1650 Market Street, Philadelphia, Pennsylvania. The issues with respect to final certification of the class, certification of a final judgment and order under Fed.R.Civ.Pro. 54(b), final approval of the proposed settlement, attorneys' fees and costs sought by Plaintiffs' counsel, reimbursement of out-of-pocket expenses sought by Plaintiffs' counsel, and award of a class representative fee were briefed and argued. Based upon such briefs and arguments, and upon other files and records in this matter, the Court FINDS and ORDERS as follows:
1. This action was commenced against Defendants in the United States District Court in the Eastern District of Pennsylvania, on March 10, 1995.
2. The claims asserted by Plaintiffs allege violations of sections 10(b) and 20(a) of the Securities and Exchange Act of 1934, the rules and regulations of the Securities and Exchange Commission promulgated thereunder, and a common law cause of action for negligent misrepresentation.
3. This action may for all purposes be maintained as a class action pursuant to Federal Rules of Civil Procedure 23(a) and 23(b)(3), with the class consisting of all persons who purchased common shares of Quad stock between December 23, 1994, and March 7, 1995 ("the class period").
4. The lead plaintiff as class representative fairly and adequately represents the interest of the class.
5. The notice previously given to class members in this action satisfies the requirements of due process and Rule 23 of the Federal Rules of Civil Procedure.
6. The settlement is fair, adequate, and reasonable as to each member of the class.
7. Each member of the class is bound by the terms of the settlement agreement, including those regarding the release and covenant not to sue provided for in the settlement agreement between the parties.
8. All sums to be paid under the terms of the settlement agreement shall be credited or paid to members of the class, as provided in the settlement agreement.
9. As provided for in the settlement agreement, Plaintiffs' counsel, acting as joint escrow agents for the settlement fund, are granted leave to amend to seek reimbursement for reasonable settlement administration costs and expenses.
10. All claims in the litigation against Defendants are DISMISSED on the merits and with prejudice. Each member of the class is permanently ENJOINED from bringing against Defendants or any of its shareholders, directors, officers, employees or other released parties, as identified in the settlement agreement, any claim regarding the matters released in this litigation, as identified in the settlement agreement. Defendants are permanently ENJOINED from bringing against any member of the class and their agents, including Plaintiffs' counsel and experts, any claim regarding the matters released in this litigation, as identified in the settlement agreement.
11. The Court hereby retains jurisdiction over all matters in this litigation including but not limited to the interpretation, administration, implementation, effectuation, and enforcement of the settlement agreement between the parties.
12. The Court has reviewed the petition for attorneys' fees submitted by the Law Offices of Dennis J. Johnson and the law firm of Savett, Podell, Frutkin, and Ryan and has determined that counsel shall receive, as compensation for their legal services, $ 612,500, to be paid from the settlement fund in accordance with the terms of the settlement agreement.
13. The Court has reviewed the petition for reimbursement of out-of-pocket expenses by the Law Offices of Dennis J. Johnson and the law firm of Savett, Podell, Frutkin, and Ryan, and has determined that counsel shall receive, as reimbursement for their litigation costs and expenses, $ 42,516.73, to be paid from the settlement fund in accordance with the terms of the settlement agreement.
14. The Court has reviewed the request for the class representative fee and has concluded that a fee totaling $ 1600 is appropriate, and shall be paid in accordance with the memorandum filed by the Court on this date.
AND IT IS SO ORDERED.
EDUARDO C. ROBRENO, J.