T. Jeffrey Simpson, et al v. Homestore.Com, Inc., et al, No. 2:2001cv11115 - Document 1404 (C.D. Cal. 2011)
Court Description: FINAL JUDGMENT AND ORDER OF DISMISSAL WITH PREJUDICE REGARDING L90 by Judge Ronald S.W. Lew. This matter has come before the Court to determine whether there is any cause why this Court should not approve the Settlement ("Settlement") set f orth in the Stipulation of Settlement and Settlement Agreement with Defendant Max Worldwide, Inc., formerly known as L90, Inc., including its predecessors, etc., ("L90") dated as of July 1, 2007 ("Stipulation") relating to the abo ve captioned litigation. It is hereby Ordered: The Court hereby finally approves and confirms the Settlement set forth in the Stipulation and finds that said Settlement is, in all respects, fair, reasonable and adequate to the Class pursuant to Rule 23 of the Federal Rules of Civil Procedure. The Court finds that the Settlement was negotiated at arm's length and in good faith and that the parties complied with the requirements of Rule 11. This Court hereby dismisses on the merits and with p rejudice the Action in favor of L90, with L90 to bear its own costs and attorneys' fees. The Released L90 Parties (as defined in the Stipulation) are hereby and forever released and discharged with respect to any and all claims or causes of action that the Lead Plaintiff and Members of the Class had or have arising out of or related to any of the Settled Claims as defined in the Stipulation. (Refer to attached document for details.) (lom)
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T. Jeffrey Simpson, et al v. Homestore.Com, Inc., et al Doc. 1404 1 2 3 4 5 6 7 UNITED STATES DISTRICT COURT 8 CENTRAL DISTRICT OF CALIFORNIA 9 In re: 10 HOMESTORE.COM, INC. SECURITIES LITIGATION 11 Plaintiff, 12 13 This Document Relates 14 To: 15 All Actions 16 17 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) Master File No. CV 01-11115-RSWL (CWx) FINAL JUDGMENT AND ORDER OF DISMISSAL WITH PREJUDICE REGARDING L90 This matter has come before the Court to determine 18 whether there is any cause why this Court should not 19 approve the Settlement (“Settlement”) set forth in the 20 Stipulation of Settlement and Settlement Agreement with 21 Defendant Max Worldwide, Inc., formerly known as L90, 22 Inc., including its predecessors, successors, parent, 23 assigns, subsidiaries and affiliates, current and 24 former employees, officers, directors, agents, and 25 representatives (“L90”) dated as of July 1, 2007 26 (“Stipulation”) relating to the above captioned 27 litigation. The Court, after carefully considering all 28 papers filed and proceedings held herein and otherwise 1 Dockets.Justia.com 1 being fully informed in the premises, has determined 2 (1) that the Settlement should be approved and (2) that 3 there is no just reason for delay of the entry of this 4 Final Judgment approving this settlement. Accordingly, 5 the Court directs entry of Judgment, which shall 6 constitute final adjudication of this Litigation on the 7 merits as to the parties to the Settlement. Good cause 8 appearing therefore, it is hereby: 9 10 ORDERED, ADJUDGED AND DECREED THAT: 1. This Court has jurisdiction over the subject 11 matter of this litigation, all parties to this 12 litigation, and over the parties to the Stipulation, 13 including all members of the Class, L90, and the 14 Released L90 Parties. 15 2. The definitions and terms set forth in the 16 Stipulation are incorporated hereby as though fully set 17 forth in this Judgment. 18 3. The Court hereby finally approves and confirms 19 the Settlement set forth in the Stipulation and finds 20 that said Settlement is, in all respects, fair, 21 reasonable and adequate to the Class pursuant to Rule 22 23 of the Federal Rules of Civil Procedure. The Court 23 finds that the Settlement was negotiated at arm’s 24 length and in good faith and that the parties complied 25 with the requirements of Rule 11. 26 4. This Court hereby dismisses on the merits and 27 with prejudice the Action in favor of L90, with L90 to 28 bear its own costs and attorneys' fees. 2 1 5. The Released L90 Parties (as defined in the 2 Stipulation) are hereby and forever released and 3 discharged with respect to any and all claims or causes 4 of action that the Lead Plaintiff and Members of the 5 Class had or have arising out of or related to any of 6 the Settled Claims as defined in the Stipulation. 7 6. The Court has considered and approves the Bar 8 Order language proposed in the Stipulation as follows: 9 a. All claims for contribution and 10 indemnification, however denominated, 11 against Released L90 Parties arising under 12 the federal securities laws, state law, or 13 common law with respect to the events that 14 are the subject of the Action, in favor of 15 the persons, including but not limited to 16 all defendants who are now or ever were 17 parties to the Action (including but not 18 limited to current Defendant Stuart Wolff 19 and currently dismissed (the dismissal 20 being now under appeal), Defendant Cendant 21 Corp. (now legally renamed Avis Budget 22 Group, Inc.) and Richard Smith 23 (hereinafter the Settling, Dismissed and 24 Remaining Defendants), in this Action who 25 are alleged to be responsible for or 26 jointly responsible with Released L90 27 Parties in any manner in the Settled 28 Claims and based upon liability for, or 3 1 arising out of or relating in any way to, 2 the Settled Claims are extinguished, 3 discharged, barred, satisfied and/or 4 otherwise unenforceable. 5 b. All persons, including but not limited 6 to the Settling, Dismissed and 7 Remaining Defendants, are hereby 8 barred and permanently enjoined, to 9 the fullest extent allowed by law, 10 from asserting, instituting or 11 prosecuting in any capacity, before 12 any court or governmental agency, any 13 action or proceeding against Released 14 L90 Parties for equitable, partial, 15 comparative, or complete contribution, 16 subrogation, or indemnity, however 17 denominated, based upon liability for, 18 or arising out of or relating in any 19 way to the Settled Claims, and the 20 Court finds that all such claims are 21 extinguished, discharged, satisfied 22 and made unenforceable. 23 c. All claims by Released L90 Parties for 24 contribution and indemnification, 25 however denominated, arising under the 26 federal securities laws, state law or 27 common law with respect to the events 28 that are the subject of the Actions, 4 1 against any person (including but not 2 limited to the Individual Defendants, 3 Dismissed Defendants and Other 4 Settling Defendants in this Action) 5 other than a person whose liability to 6 L90 has been extinguished by L90's 7 settlement of the Settled Claims on 8 his, her or its behalf are 9 extinguished, discharged, barred, 10 satisfied and/or otherwise 11 unenforceable. 12 d. Pursuant to 15 U.S.C. §78u-4(f)(7)(B), 13 if there is a final verdict or 14 judgment against any non-settling 15 defendant in this Action, the verdict 16 of judgment shall be reduced by the 17 greater of: (a) an amount that 18 corresponds to the percentage of 19 responsibility of Released L90 20 Parties; or (b) the amount paid to for 21 the benefit of the Plaintiff Class by 22 L90. 23 e. The remaining portions of 15 U.S.C. 24 §78u-4(f) on proportionate liability 25 shall apply hereto where applicable. 26 7. The notice given to the Class of the Settlement 27 set forth in the Stipulation and the other matters set 28 forth herein was the best notice practicable under the 5 1 circumstances, including individual notice to all 2 Members of the Class who could be identified through 3 reasonable efforts. Said notice provided due and 4 adequate notice of these proceedings and of the matters 5 set forth therein, including the proposed Settlement 6 set forth in the Stipulation, to all persons entitled 7 to such notice, and said notice fully satisfied the 8 requirements of Rules 23(c)(2) and 23(e) of the Federal 9 Rules of Civil Procedure and the requirements of due 10 process. 11 8. Without affecting the finality of this Judgment 12 in any way, this Court hereby retains continuing 13 jurisdiction over: (a) implementation of this 14 Settlement and any distribution to Class Members 15 pursuant to further orders of this Court; (b) 16 disposition of the Settlement Fund; (c) hearing and 17 determining applications by the Representative 18 Plaintiff for reimbursement of expenses related to 19 Claims Administration, including expert fees and costs, 20 and interest; (d) the Class Actions until the final 21 judgment contemplated hereby has become effective and 22 each and every act agreed to be performed by the 23 parties has been performed pursuant to the Stipulation; 24 (e) hearing and ruling on any issues concerning the 25 proposed Plan of Allocation of settlement proceeds; (f) 26 any application by Lead Counsel for attorneys’ fees 27 and/or reimbursement of expenses; and (g) all parties 28 to the Class Actions and the Stipulation 6 for the 1 purpose of enforcing and administering the Stipulation 2 and Exhibits thereto and the mutual releases and other 3 documents contemplated by, or executed in connection 4 with, the Stipulation. 5 9. In the event that the Settlement does not 6 become effective in accordance with the terms of the 7 Stipulation, then this Judgment will be rendered null 8 and void and will be vacated and in such event, all 9 orders entered and releases delivered in connection 10 herewith will be null and void, and the parties will be 11 returned to their respective positions ex ante. 12 10. The Court finds, pursuant to Rule 54(a) and (b) 13 of the Federal Rules of Civil Procedure, that this 14 Judgment should be entered and further finds that there 15 is no just reason for delay in the entry of this 16 Judgment, as a final judgment as to the parties to the 17 Stipulation. Accordingly, the Clerk is hereby directed 18 to enter this Judgment forthwith. 19 20 IT IS SO ORDERED. 21 DATED: August 30, 2011. 22 23 24 HONORABLE RONALD S.W. LEW Senior, U.S. District Court Judge 25 26 27 28 7
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