{"id":19656,"date":"2015-10-13T03:11:03","date_gmt":"2015-10-13T01:11:03","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/?p=19656"},"modified":"2016-02-10T15:19:56","modified_gmt":"2016-02-10T14:19:56","slug":"19656","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/19656\/19656\/","title":{"rendered":""},"content":{"rendered":"<p><strong>NOTICE OF SETTLEMENT OF<\/strong><br \/>\n<strong>IN RE PEREGRINE FINANCIAL<\/strong><br \/>\n<strong>GROUP CUSTOMER LITIGATION<\/strong><\/p>\n<p>On October 13, 2015, United States District Court Judge Sara\u00a0L. Ellis entered a series of Orders, which resolved the pending customer class action brought against U.S. Bank National Association (\u201cU.S. Bank\u201d) Civil Action No. 12-cv-5546.\u00a0 The Orders which were entered are as follows:<\/p>\n<p>i.\u00a0<a href=\"http:\/\/omnimgt.com\/CMSVol2\/pub_46875\/554897_440-1.pdf\">Final Judgment and Order of Dismissal with Prejudice<\/a>;<\/p>\n<p>ii.\u00a0<a href=\"http:\/\/omnimgt.com\/CMSVol2\/pub_46875\/554900_439.pdf\">Order Approving Plan of Allocation<\/a>;<\/p>\n<p>iii.\u00a0<a href=\"http:\/\/omnimgt.com\/CMSVol2\/pub_46875\/554902_441.pdf\">Order Awarding Attorneys\u2019 Fees and Expenses<\/a>; and<\/p>\n<p>iv.\u00a0<a href=\"http:\/\/omnimgt.com\/CMSVol2\/pub_46875\/554904_442.pdf\">Order Awarding Service Awards<\/a>.<\/p>\n<p>As a result of the settlement, U.S. Bank will be making a payment of $44.5 million dollars to resolve all claims.\u00a0 Of that amount, the court approved legal fees for the class lawyers in the amount of $13,795,000 and expenses of $437,440.\u00a0 The court also approved services awards to the named plaintiffs in the class action totaling $45,000.<\/p>\n<p>Under the Plan of Allocation:<\/p>\n<ul>\n<li>For \u201cNew Claimants\u201d (Class members who do not have allowed claims in the bankruptcy action), each \u201cshall receiver a share of the Net Settlement Fund that is determined by multiplying the amount of such New Claimant\u2019s timely claim as approved in the Customer Class Action by a payment ratio computed as: the Net Settlement Fund divided by $215,000,000.00.\u201d \u00a0The amount to be distributed to New Claimants is capped at 50% of the Net Settlement Fund.<\/li>\n<li>For Class members with allowed claims in the bankruptcy case: \u201cAfter the determination of the aggregate amount to be disbursed to the New Claimants, the balance of the Net Settlement Fund shall be transferred to the Trustee for distribution to Settlement Class Members who hold Allowed Claims in the Bankruptcy Case.\u201d<\/li>\n<\/ul>\n<p>The Trustee estimates the balance of the \u201cNet Settlement Fund\u201d will be approximately $30,000,000.\u00a0 Upon receipt of the balance of the \u201cNet Settlement Fund\u201d the Trustee will file a motion with the bankruptcy court to authorize a further distribution to 4d claimants with Allowed Claims.\u00a0 The Trustee anticipates the distribution will be made in the first quarter of 2016.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NOTICE OF SETTLEMENT OF IN RE PEREGRINE FINANCIAL GROUP CUSTOMER LITIGATION On October 13, 2015, United States District Court Judge Sara\u00a0L. Ellis entered a series of Orders, which resolved the pending customer class action brought against U.S. Bank National Association (\u201cU.S. Bank\u201d) Civil Action No. 12-cv-5546.\u00a0 The Orders which were entered are as follows: i.\u00a0Final [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lightning_design_setting":[],"footnotes":""},"categories":[2016],"tags":[],"class_list":["post-19656","post","type-post","status-publish","format-standard","hentry","category-pfg-news-wasendorf-fraud"],"_links":{"self":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts\/19656","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/comments?post=19656"}],"version-history":[{"count":1,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts\/19656\/revisions"}],"predecessor-version":[{"id":19657,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts\/19656\/revisions\/19657"}],"wp:attachment":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/media?parent=19656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/categories?post=19656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/tags?post=19656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}