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 consolidated action was commenced against defendants in the United States District Court in the Eastern District of Pennsylvania, on August 5, 1993.
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 AMS stock between July 1, 1990, and March 2, 1992 ("the class period").
4. The lead plaintiffs as class representatives 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 agreements, including those regarding the release and covenant not to sue provided for in the settlement agreements between the parties.
8. All sums to be paid under the terms of the settlement agreements shall be credited or paid to members of the class, as provided in the settlement agreements.
9. All claims in the litigation against defendants other than William C. Young 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 agreements, any claim regarding the matters released in this litigation, as identified in the settlement agreements. For purposes of this release, AMS means any and all of its predecessors, successors, former and present subsidiaries and affiliates, any entity now or in the past controlling or controlled by it, including Nextel Communications, Incorporated. 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 agreements.
10. Pursuant to counsel's letter which the Court received on December 24, 1996, the Court will approve counsel's request to have the law firm of Weinstein, Kitchenoff, Scarlato and Goldman named as the sole escrow agent for the settlements for purposes of purchasing a single insurance bond.
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 agreements between the parties.
12. The Court has reviewed the petition for attorneys' fees and has determined that counsel shall receive, as compensation for their legal services, $ 281,250, to be paid from the settlement funds in accordance with the memorandum filed by the Court on this date.
13. The Court has reviewed the petition for reimbursement of out-of-pocket expenses and has determined that counsel shall receive, as reimbursement for their litigation costs and expenses, $ 184,730.73, to be paid from the settlement funds in accordance with the memorandum filed by the Court on this date.
14. The Court has reviewed the requests for class representative fees and has concluded that a fee totaling $ 1280 is appropriate, and shall be paid to class representative Frank Seidman in accordance with the memorandum filed by the Court on this date.
15. Pursuant to Rule 54(b) of the Federal Rules of Civil Procedure, the Court hereby directs the entry of a final judgment in favor of defendants AMS and D&T and against plaintiffs.
AND IT IS SO ORDERED.
EDUARDO C. ROBRENO, J.