City of Dearborn Heights Act 345 Police & Fire Retirement System v. Chicago Bridge & Iron Company N.V. et al
Plaintiff: City of Dearborn Heights Act 345 Police & Fire Retirement System
Defendant: Chicago Bridge & Iron Company N.V., Philip K. Asherman, Ronald A. Ballschmiede and Westley S. Stockton
Case Number: 1:2017cv01580
Filed: March 2, 2017
Court: US District Court for the Southern District of New York
Office: Foley Square Office
Presiding Judge: Lorna G. Schofield
Nature of Suit: Securities/Commodities/Exchanges
Cause of Action: 15 U.S.C. ยง 78
Jury Demanded By: Plaintiff
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Date Filed Document Text
November 17, 2022 Opinion or Order Filing 451 ORDER OF FINAL DISTRIBUTION OF SETTLEMENT FUND: IT IS HEREBY ORDERED THAT: 1. Plaintiffs' Motion is granted; 2. Distribution of the Net Settlement Fund will commence no later than five (5) business days after entry of this Order; 3. A.B. Data 's determinations accepting valid claims, as indicated in Exhibits E and F of the Distribution Declaration are approved and such claims are hereby accepted; 4. A.B. Data's determinations rejecting claims, as indicated in Exhibit G of the Distribution Declaration, are approved and such claims are hereby rejected; 5. Any claims filed after November 1, 2022 are hereby barred, and A.B. Data shall not accept any additional documentation related to claims that were deficient as of Novem ber 1, 2022; 6. Lead Counsel and Additional counsel, who received 50% of awarded attorneys' fees and interest at the time of award with the remainder reserved for substantial distribution, shall receive the remaining 50% upon filing a letter with the Court confirming that checks and wire payments amounting to at least 95% of the Net Settlement Fund have been distributed to Claimants. 7. The Court adopts the following procedures for residual funds that may remain in the Net Settlement Fund, from uncashed checks or otherwise: No earlier than six (6) months from the date of this Order, any unclaimed, residual balance in the Net Settlement Fund shall be used first to pay any remaining amounts due to the Claims Administr ator, then if practicable to distribute to all Claimants who have cashed their checks from the first distribution and whose proportionate share of the remaining Net Settlement Fund is $20.00 or more, after reserving for the Claims Administrator the anticipated costs of a second distribution. If any sums remain unclaimed from a second distribution and Lead Counsel determines that another distribution would be cost-effective, any unclaimed, residual balance in the Net Settlement Fund shall be distributed to all Claimants who have cashed their checks from the first distribution and whose proportionate share of the remaining Net Settlement Fund is $10.00 or more. At such time as Lead Counsel determines that further distribution is im practicable, it will propose to the Court for approval an appropriate 501(c)(3) non-profit beneficiary; 8. All persons involved in the review, verification, calculation, tabulation, or any other aspect of the processing of the claims submitted here in, or otherwise involved in the administration or taxation of the Settlement Fund or the Net Settlement Fund, are released and discharged from any and all claims arising out of such involvement, and all Class Members, whether or not they are to rece ive payment from the Net Settlement Fund, are barred from making any further claim against the Net Settlement Fund or the released persons beyond the amount allocated to them pursuant to this Court's order; and 9. This Court retains jurisdictio n over any further application or matter that may arise in connection with the distribution of the Net Settlement Fund. 10. Plaintiffs' counsel shall file an accounting of all amounts disbursed, once the full $44 million settlement amount has been disbursed. SO ORDERED. (Signed by Judge Lorna G. Schofield on 11/17/2022) (mml) Transmission to Finance Unit (Cashiers) for processing.
August 5, 2022 Opinion or Order Filing 446 ORDER ON PLAINTIFFS' MOTION FOR AN AWARD OF ATTORNEYS' FEES AND EXPENSES: THEREFORE ORDERED, ADJUDGED, AND DECREED: Pursuant to 15 U.S.C. § 78u-4(a)(4), Plaintiffs' Counsel's request for an award of $14,666,667 in attorn eys' fees, plus accrued interest on that amount, is approved. Having reviewed Plaintiffs' Counsel's application and all applicable legal authorities, the Court finds that a baseline for Plaintiffs' Counsel's attorneys' f ees in this case is the comparable median percentage from NERA Economic Consulting, Recent Trends in Securities Class Action Litigation: 2021 Full-Year Review (Jan. 25, 2022), being 27.1%, where the settlement value for securities class actions is between $25 million and $100 million. Upon application of the factors set forth by the Second Circuit in Goldberger v. Integrated Res., Inc., 209 F.3d 43 (2d Cir. 2000), and in particular the time and labor expended by counsel (as reflec ted by Plaintiffs' Counsel's lodestar), for substantially the reasons argued in Plaintiffs' memorandum of law, the Court finds an adjustment of that baseline fee percentage to 33 1/3% to be reasonable and appropriate. 50% of the awarded attorneys' fees shall be payable upon entry of this Order, with the remaining 50% to be payable after substantially all of the Recognized Claims have been paid from the Settlement Fund upon application to the Court. Plaintiffs&# 039; Counsel's request for reimbursement of litigation expenses in the amount of $3,462,683.78, plus accrued interest on that amount, is approved. The Court has reviewed these expenses and finds that they are reasonable and appropriate. The awarded expenses shall be payable to Plaintiffs' Counsel upon entry of this Order. SO ORDERED. (Signed by Judge Lorna G. Schofield on 8/05/2022) (ama)
August 2, 2022 Opinion or Order Filing 444 FINAL JUDGMENT AND ORDER OF DISMISSAL WITH PREJUDICE: IT IS THEREFORE ORDERED, ADJUDGED, AND DECREED: 1. This Judgment incorporates by reference the definitions in the Stipulation, and all capitalized terms used herein shall have the same meanings se t forth in the Stipulation. 2. This Court has jurisdiction over the subject matter of the Action and over all parties to the Action, including Class Members, as further set forth. 14. Pursuant to 15 U.S.C. § 78u-4(a)(4), the Court awards Class R epresentative ALSAR Ltd. Partnership a compensatory award of $60,000, Class Representative Iron Workers Locals 40, 361 & 417 Union Security Funds a compensatory award of $25,000, and Class Representative Iron Workers Local 580 Joint Funds a compensatory award of $20,000, to be paid after the Effective Date, as further set forth. 16. This Action is hereby dismissed in its entirety with prejudice as to all Defendants. 17. All agreements made and orders entered during the course of t he Action relating to the confidentiality of information shall survive this Order, pursuant to their terms. 18. In the event that the Settlement does not become Final in accordance with the Stipulation, or the Effective Date does not occur, this Judg ment shall be rendered null and void to the extent provided by and in accordance with the Stipulation and shall be vacated. In such event, all orders entered and releases delivered in connection herewith shall also be null and void to the extent provided by and in accordance with the Stipulation, and this litigation shall revert to the state at which it existed on January 9, 2022, as further set forth herein. (Signed by Judge Lorna G. Schofield on 8/2/2022) (mml)
March 17, 2022 Opinion or Order Filing 425 ORDER: It is hereby ORDERED that by March 21, 2022, Plaintiffs shall supplement their motion for preliminary approval by filing a document or spreadsheet including the information outlined in Section III. C. 5 of the Courts Individual Rules. It is further ORDERED that by March 21, 2022, Plaintiffs shall email a copy of the confidential agreement that allows Defendants to terminate the settlement under certain circumstances to Schofield_NYSDChambers@nysd.uscourts.gov. (Signed by Judge Lorna G. Schofield on 3/16/2022) (jca)
January 7, 2022 Opinion or Order Filing 420 ORDER denying without prejudice 313 Motion in Limine; denying without prejudice 316 Motion in Limine; denying without prejudice 320 Motion in Limine; denying without prejudice 323 Motion in Limine; denying without prejudice 326 Motion in Limine; denying without prejudice 330 Motion in Limine; denying without prejudice 333 Motion in Limine; denying without prejudice 334 Motion in Limine; denying without prejudice 337 Motion in Limine; denying without prejudice 340 M otion in Limine; denying without prejudice 342 Motion in Limine; denying without prejudice 344 Motion in Limine; denying without prejudice 346 Motion in Limine; denying without prejudice 348 Motion in Limine; denying without prejudice [35 1] Motion in Limine; denying without prejudice 353 Motion in Limine; denying without prejudice 355 Motion in Limine; denying without prejudice 357 Motion in Limine; denying without prejudice 359 Motion in Limine; denying without prejudic e 361 Motion in Limine; denying without prejudice 363 Motion in Limine; denying without prejudice 365 Motion in Limine; denying without prejudice 367 Motion in Limine; denying without prejudice 370 Motion in Limine; denying without pre judice 374 Motion in Limine. It is hereby ORDERED that the jury trial scheduled for February 7, 2022, is cancelled. It is further ORDERED that the motions in limine are denied without prejudice. It is further ORDERED that, by February 4, 2022, th e parties shall file a motion for approval of the settlement. The Clerk of Court is respectfully directed to close the motions at Docket Nos. 313, 316, 320, 323, 326, 330, 333, 334, 337, 340, 342, 344, 346, 348, 351, 353, 355, 357, 359, 361, 363, 365, 367, 370 and 374.. (Signed by Judge Lorna G. Schofield on 1/7/2022) (kv)
December 29, 2021 Opinion or Order Filing 416 ORDER denying 385 Letter Motion to Seal. Plaintiffs' motion to seal at Docket No. 385 is DENIED. By January 5, 2022, Plaintiffs shall file full, unredacted copies of the documents previously filed under seal. The Clerk of Court is respectfully directed to close the motion at Docket No. 385. (Signed by Judge Lorna G. Schofield on 12/29/2021) (va)
December 21, 2021 Opinion or Order Filing 413 ORDER denying 369 Letter Motion to Seal. Defendants' motion to seal at Docket No. 369 is DENIED. By December 28, 2021, Defendants shall file full, unredacted copies of the documents previously filed under seal. The Clerk of Court is respectfully directed to close the motion at Docket No. 369.. (Signed by Judge Lorna G. Schofield on 12/21/2021) (kv)
December 14, 2021 Opinion or Order Filing 377 ORDER with respect to 369 Letter Motion to Seal. By December 21, 2021, Plaintiffs shall file a response to this letter, identifying any excerpts of deposition testimony that require confidential treatment. (Signed by Judge Lorna G. Schofield on 12/14/2021) (ate)
September 22, 2021 Opinion or Order Filing 307 ORDER: It is hereby ORDERED that this case will be placed on the Court's trial-ready calendar for a trial to begin on February 7, 2022, or the Court's first available date thereafter. It is further ORDERED that the parties shall be ready to proceed on 24 hours' notice on or after February 7, 2022. It is further ORDERED that in accordance with and as further provided in Individual Rule IV.B: (1) Any motions in limine shall be filed by December 13, 2021. Responses to the motion s shall be filed by December 20, 2021. The final pretrial order shall be filed by January 17, 2022. (As further set forth in this Order.) ( Motions due by 12/13/2021., Pretrial Order due by 1/17/2022., Responses due by 12/20/2021, Ready for Trial by 2/7/2022.) (Signed by Judge Lorna G. Schofield on 9/22/2021) (cf)
August 23, 2021 Opinion or Order Filing 306 OPINION AND ORDER re: 292 LETTER MOTION for Oral Argument addressed to Judge Lorna G. Schofield from Amy Pharr Hefley dated October 20, 2020. filed by Westley S. Stockton, Chicago Bridge & Iron Company N.V., Philip K. Asherman, Ron ald A. Ballschmiede, 252 MOTION for Summary Judgment on all of Plaintiffs Claims. filed by Westley S. Stockton, Chicago Bridge & Iron Company N.V., Philip K. Asherman, Ronald A. Ballschmiede. For the reasons stated above, Defendants&# 039; motion for summary judgment is granted as to the Safety Statement. Defendants' motion is denied for the remaining Challenged Statements. Defendants' motion for oral argument is denied as moot. The Clerk of Court is respectfully directed to close the docket entries at Numbers 252 and 292. (As further set forth in this Order.) (Signed by Judge Lorna G. Schofield on 8/23/2021) (cf)
February 25, 2021 Opinion or Order Filing 302 ORDER: It is hereby ORDERED that by March 10, 2021, Defendants shall file amended answers raising the defenses identified in their September 24, 2021, letter (Dkt. No. 260). The Clerk of Court is respectfully directed to close the motion at Docket No. 260. (As further set forth in this Order.) (Signed by Judge Lorna G. Schofield on 2/25/2021) (cf)
October 23, 2020 Opinion or Order Filing 298 ORDER denying as moot 295 Letter Motion to Seal; denying 296 Letter Motion for Leave to File Excess Pages; denying 297 Letter Motion for Leave to File Excess Pages: The application is DENIED as Plaintiffs' proposed additional materials a re unnecessary to consideration of Defendants' submissions and adjudication of the motions. Plaintiffs' motion to seal is DENIED as moot. The Clerk of Court is respectfully directed to close the docket entries at Nos. 295, 296 and 297. (Signed by Judge Lorna G. Schofield on 10/23/2020) (jwh)
October 16, 2020 Opinion or Order Filing 289 ORDER granting 273 Motion for Extension of Time; granting 278 Motion. It is hereby ORDERED that the Cohen Plaintiffs' and Direct Action Plaintiffs' motions to opt out of the class after the opt-out deadline are GRANTED. The Clerk of Court is respectfully directed to close the docket entries at numbers 273 and 278. (As further set forth in this Order.) (Signed by Judge Lorna G. Schofield on 10/15/2020) (cf)
October 14, 2020 Opinion or Order Filing 283 ORDER granting (263) Letter Motion to Seal in case 1:17-cv-01580-LGS. ORDERED that Plaintiffs shall file Exhibits J, L, M and O to their opposition to Defendants' motion for summary judgment in redacted form and under seal, redacting the telepho ne numbers identified by Defendants. Only the parties identified in the Appendix to Docket No. 263 shall have access to Exhibits J, L, M and O. It is further ORDERED that Plaintiffs' remaining exhibits, opposition to Defendants' motion for summary judgment and Rule 56.1 counter-statement shall not be filed under seal. The Clerk of Court is respectfully directed to close the docket entry at number 263. (Signed by Judge Lorna G. Schofield on 10/14/2020) Filed In Associated Cases: 1:17-cv-01580-LGS, 1:17-cv-02414-LGS (ama)
October 9, 2020 Opinion or Order Filing 270 ORDER: It is hereby ORDERED that by October 13, 2020, Defendants shall file a letter not to exceed three pages explaining why Plaintiffs' motion for summary judgment and supporting papers should be filed under seal. (As further set forth in this Order.) (Signed by Judge Lorna G. Schofield on 10/9/2020) (cf)
July 21, 2020 Opinion or Order Filing 250 SPECIAL MASTER ORDER # 8: The parties do not dispute that the Cohen case is clearly related to the instant case as demonstrated in an earlier joint status report to the Court in this case and defendants' reliance of producing a large number of documents from the Cohen case in early document production in this case. Thus the relevance of the requested documents is presumed. If necessary, plaintiffs could serve a third-party subpoena which would undoubtedly be granted. Because the docu ments are relevant, and there is no burden or prejudice to defendants in requiring their production, it is unnecessary to proceed by subpoena when defendants are a party to both cases and are in possession of the requested documents. The documents must be produced to plaintiffs forthwith at plaintiffs' expense. (As further set forth in this Order.) (Signed by Judge Shira A. Scheindlin on 7/15/2020) (cf)
July 15, 2020 Opinion or Order Filing 248 ORDER: It is hereby ORDERED that Defendants shall file any motion for summary judgment, not to exceed twenty-five (25) pages, by September 4, 2020. Plaintiffs shall file their opposition, not to exceed twenty-five (25) pages, by October 6, 2020. D efendants shall file their reply, not to exceed ten (10) pages, by October 20, 2020. (As further set forth in this Order.) ( Motions due by 9/4/2020., Responses due by 10/6/2020, Replies due by 10/20/2020.) (Signed by Judge Lorna G. Schofield on 7/15/2020) (cf)
May 4, 2020 Opinion or Order Filing 245 ORDER: WHEREAS, on March 26, 2020, the Court issued an order scheduling a pre-motion conference for May 7, 2020, at 11:00 a.m. (Dkt. No. 238). It is hereby ORDERED that the parties shall appear by telephone, by calling (888) 363-4749 and using access code 558-3333, at the appointed day and time. ( Telephone Conference set for 5/7/2020 at 11:00 AM before Judge Lorna G. Schofield.) (Signed by Judge Lorna G. Schofield on 5/4/2020) (cf)
April 20, 2020 Opinion or Order Filing 240 ORDER: It is hereby ORDERED that the parties' proposed form and manner of notice is APPROVED and Epiq Class Action and Claims Solutions, Inc. is appointed notice administrator. (As further set forth in this Order.) (Signed by Judge Lorna G. Schofield on 4/20/2020) (cf)
March 23, 2020 Opinion or Order Filing 237 OPINION AND ORDER for 179 Motion to Certify Class filed by Iron Workers Local 580 - Joint Funds, ALSAR Ltd. Partnership, Ironworkers Locals 40, 361 & 417 - Union Security Funds. For the foregoing reasons, the Report is adopted except to t he extent any of its reasoning is inconsistent with what is stated above, and Plaintiffs motion is GRANTED. It is hereby ordered that: (1) Plaintiffs ALSAR and Ironworkers are appointed as Class Representatives to sue on behalf of a class of all th ose who purchased or otherwise acquired the common stock of Chicago Bridge & Iron Company N.V. on the NYSE during a Class Period from October 30, 2013, through and including June 23, 2015, excluding Defendants, officers, and directors of CBI, memb ers of their immediate families and their legal representatives, heirs, successors, or assigns, and any entity in which Defendants have or had a controlling interest. (2) Kahn Swick & Foti is appointed as Class Counsel; (3) The parties shall confer and prepare a mutually agreeable form and manner of notice, to be filed on ECF for the Courts review by April 13, 2020. See Fed. R. Civ. P. 23(c)(2)(B). To the extent that the parties cannot agree on the form and manner of notice, the parties shall include a brief statement of their disagreement in the filing. The Clerk of Court is respectfully directed to close the motion at Docket No. 179. (As further set forth in this Order.) (Signed by Judge Lorna G. Schofield on 3/23/2020) (cf)
December 16, 2019 Opinion or Order Filing 229 SPECIAL MASTER ORDER #7: On balance, defendants have met their burden. This is a very complex cases with millions of dollars at stake and many difficult issues on which expert testimony will be helpful. Given the amount of resources already expended during the discovery phase, an additional deposition or two is not a great burden or expense when taken in context. For these reasons, I conclude that a second deposition of the expert following each report should be permitted. SO ORDERED. (Signed by Judge Lorna G. Schofield on 12/9/2019) (rro)
May 24, 2018 Opinion or Order Filing 108 OPINION AND ORDER re: 91 MOTION to Dismiss . filed by Westley S. Stockton, Chicago Bridge & Iron Company N.V., Philip K. Asherman, Ronald A. Ballschmiede, 97 AMENDED MOTION to Dismiss the Consolidated Amended Complaint. f iled by Westley S. Stockton, Chicago Bridge & Iron Company N.V., Philip K. Asherman, Ronald A. Ballschmiede. Defendants move to dismiss the Consolidated Amended Complaint (the "Complaint") pursuant to Federal Rule of Civil Procedure 12( b)(6). (As further set forth in this Order.) For the foregoing reasons, Defendants' motion to dismiss is DENIED. The Clerk of Court is respectfully directed to close the motions at Docket Nos. 91 and 97. (Signed by Judge Lorna G. Schofield on 5/24/2018) (cf)
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Search for this case: City of Dearborn Heights Act 345 Police & Fire Retirement System v. Chicago Bridge & Iron Company N.V. et al
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Plaintiff: City of Dearborn Heights Act 345 Police & Fire Retirement System
Represented By: Samuel Howard Rudman
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Defendant: Chicago Bridge & Iron Company N.V.
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Defendant: Philip K. Asherman
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Defendant: Ronald A. Ballschmiede
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Defendant: Westley S. Stockton
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