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Case 3:10-cv-00132-RCJ-WGC Document 117 Filed 10/16/12 Page 2 of 7 1 was September 10, 2012. 2 On August 27, 2010, Plaintiffs filed an Unopposed Motion for Final Approval of the 3 Proposed Settlement, Class Certification and the Plan of Allocation (#103), and an Unopposed 4 Motion for Attorneys’ Fees and Reimbursement of Expenses (#105). The Court vacated the 5 hearing set for October 1, 2012. On September 24, 2012, Plaintiffs filed an additional 6 memorandum (#114) in support of the Unopposed Motion for Final Approval (#103). No 7 objections or oppositions to the Motion for Final Approval (#103) and Motion for Attorneys’ 8 Fees and Costs (#105) have been filed. 9 DISCUSSION 10 A. Settlement 11 Plaintiffs request that the Court approve the Stipulation of Settlement (#97), dated 12 January 19, 2012. The Stipulation of Settlement sets forth the parties’ agreement to settle all 13 claims that have been or could have been asserted in this action or a similar action arising out 14 of, or relating to, the allegations referred to in this litigation in exchange for a settlement 15 amount of $3,100,000.00 (the “Settlement Amount” or “Settlement Fund”). The parties also 16 request that the Court certify a settlement class defined as “all Persons who purchased or 17 otherwise acquired Ormat securities between May 7, 2008, and February 24, 2010, inclusive, 18 who incurred damages,” but excluding Defendants, and other entities/persons related to 19 Defendants. (Stipulation of Settlement ¶ 1.3 (#97).) 20 The deadline to file objections and to request being excluded from the settlement was 21 September 10, 2012. No objections were filed, and only two proper requests for exclusion 22 were received by Plaintiffs. 23 The parties have agreed to settle for a payment of $3,100,000.00. Plaintiffs submit that 24 the Settlement Amount is approximately 21.5% of the maximum damages recoverable in this 25 action. Federal Rule of Civil Procedure 23(e) provides that a class action shall not be 26 compromised without the approval of the court. Rule 23(e) requires the Court to determine 27 whether a proposed settlement is “fundamentally fair, adequate, and reasonable.” In re Mego 28 Fin. Corp. Sec. Litig., 213 F.3d 454, 458 (9th Cir. 2000). Factors to be considered include: 2PDF Image | Lawsuit Ormat Technologies
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