Mitchell S. Goldberg, J.
Presently before the Court is the parties’ Joint Memorandum of Law in Support of Court Approval of the Proposed Class Action Settlement, which we will construe as a joint motion for final approval of the settlement. For the reasons set forth below, the motion will be granted.
I. FACTUAL AND PROCEDURAL BACKGROUND
In April 1997, named Plaintiff Jackie McDowell, a tenant in Philadelphia’s public housing system, filed this class action against the Philadelphia Housing Authority (“PHA”), et al. (“Defendants”). McDowell alleged that Defendants had deprived her of her federal rights by failing to factor rising gas rates into the gas utility allowances she was entitled to receive under the United States Housing Act of 1937, 42 U.S.C. § 1437 et seq. McDowell sought relief for herself and for similarly situated PHA tenants. The plaintiff class was certified by Order dated May 22, 1997 (Doc. No. 6), and the case was subsequently settled via a Stipulation and Consent Decree (“Consent Decree”) in January 1998.
The instant settlement agreement pertains to Defendants’ alleged violations of the Consent Decree. Specifically, Plaintiffs contend that Defendants failed to factor rising gas rates into the gas utility allowances, as required under the Consent Decree and 24 C.F.R. § 965.507, for the following periods: (1) July 1, 1999 through December 21, 2002, and (2) October 31, 2005 through November 30, 2006. In August 2010, Harris T. Bock was appointed as master and given the authority to make reports and recommendations concerning the identification of class members and the proper calculation and payment of compensation by Defendants. Beginning in March 2011, the parties commenced extensive negotiations, both independently and with the assistance of the Honorable L. Felipe Restrepo, United States Magistrate Judge, which culminated in the instant settlement agreement.
The settlement establishes a fund in the amount of $2, 650, 000 to be distributed among 5, 642 class members. Defendants also agreed not to oppose a payment of fees and costs in the amount of $730, 000 to Plaintiffs’ counsel.
On January 28, 2013, this Court granted the parties’ joint motion preliminarily approving settlement and the notice of proposed settlement to the class. Following that Order, a notice of proposed settlement and of the settlement hearing (“Notice”) was sent to the class. The Notice was also posted in the Philadelphia Daily News, Philadelphia Tribune and Al Dia, as well as in PHA’s management offices. No objections to the proposed settlement were filed with the Clerk’s office within the ...