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Case Citations [1] (April 2017 through August 2017)

handle is hein.ali/aggregate0018 and id is 1 raw text is: PRINCIPLES OF THE LAW OF AGGREGATE LITIGATION CHAPTER 3. AGGREGATE SETTLEMENTS TOPIC 2. CLASS SETTLEMENTS § 3.07 Cy Pres Settlements S.D.N.Y.2016. Subsecs. (a) and (b) cit. in sup., quot. in ftn.; subsec. (c) cit. and quot. in sup., quot. in case cit. and quot. in sup.; com. (b) cit. and quot. in sup. After a settlement agreement was reached in a securities-fraud class action that provided for class members to receive $590 million, lead plaintiffs filed a motion for final distribution of the remaining settlement funds of $374,820 to three not-for-profit cy pres designees. The trial court granted lead plaintiffs' motion and class member filed a motion for reconsideration. This court granted class member's motion for reconsideration and affirmed its earlier decision for lead plaintiffs on the grounds that the three entities selected were appropriate cy pres designees. The court noted that, under Principles of Aggregate Litigation § 3.07, one necessary element for a cy pres designation was that the recipients be those whose interests reasonably approximated those being pursued by the class, and concluded that, here, it would follow that reasonable approximation standard, rather than next best standard. In re Citigroup Inc. Securities Litigation, 199 F.Supp.3d 845, 848-850, 852-854. N.D.Ohio, 2016. Subsec. (c) and com. (b) quot. in sup. In multidistrict litigation, direct and indirect purchasers of flexible polyurethane foam brought antitrust claims against foam sellers, alleging that defendants engaged in a conspiracy to fix, raise, and maintain the prices of foam products. After the parties reached a settlement that provided for a residual cy pres distribution once additional distributions to class members would not be economically feasible, this court cited the Principles of the Law of Aggregate Litigation § 3.07 in rejecting the residual beneficiaries proposed by class counsel and designating a charitable organization that offered emergency family housing in the city in which the forum was located. The court noted that the organization provided carpets, beds, and chairs-prime vehicles for the foam at the heart of the litigation-for those in need, and that, although few class members likely resided in the area, the court had confidence that any cy pres funds would be put to good use. In re Polyurethane Foam Antitrust Litigation, 178 F.Supp.3d 621, 623, 624. A L I , For earlier citations, see the Appendices, Supplements, or Pocket Parts, if any, that correspond to the subject matter under examination.

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