T. Jeffrey Simpson, et al v. Homestore.Com, Inc., et al, No. 2:2001cv11115 - Document 1406 (C.D. Cal. 2011)

Court Description: FINAL JUDGMENT AND ORDER OF DISMISSAL WITH PREJUDICE REGARDING TAFEEN 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") se t forth in the Stipulation of Settlement and Settlement Agreement with Defendant Peter Tafeen ("Tafeen") dated as of June 25, 2007 ("Stipulation") relating to the above 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 prejudice the Action in favor of Tafeen, with Tafeen to bear his own costs and attorneys' fees. Tafeen is 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. 1406 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 TAFEEN 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 Peter Tafeen (“Tafeen”) dated as of June 25, 22 2007 (“Stipulation”) relating to the above captioned 23 litigation. The Court, after carefully considering all 24 papers filed and proceedings held herein and otherwise 25 being fully informed in the premises, has determined 26 (1) that the Settlement should be approved and (2) that 27 there is no just reason for delay of the entry of this 28 Final Judgment approving this settlement. Accordingly, 1 Dockets.Justia.com 1 the Court directs entry of Judgment, which shall 2 constitute final adjudication of this Litigation on the 3 merits as to the parties to the Settlement. Good cause 4 appearing therefore, it is hereby: 5 ORDERED, ADJUDGED AND DECREED THAT: 6 1. This Court has jurisdiction over the subject 7 matter of this litigation, all parties to this 8 litigation, and over the parties to the Stipulation, 9 including all members of the Class and Tafeen. 10 2. The definitions and terms set forth in the 11 Stipulation are incorporated hereby as though fully set 12 forth in this Judgment. 13 3. The Court hereby finally approves and confirms 14 the Settlement set forth in the Stipulation and finds 15 that said Settlement is, in all respects, fair, 16 reasonable and adequate to the Class pursuant to Rule 17 23 of the Federal Rules of Civil Procedure. The Court 18 finds that the Settlement was negotiated at arm’s 19 length and in good faith and that the parties complied 20 with the requirements of Rule 11. 21 4. This Court hereby dismisses on the merits and 22 with prejudice the Action in favor of Tafeen, with 23 Tafeen to bear his own costs and attorneys' fees. 24 5. Tafeen is hereby and forever released and 25 discharged with respect to any and all claims or causes 26 of action that the Lead Plaintiff and Members of the 27 Class had or have arising out of or related to any of 28 the Settled Claims as defined in the Stipulation. 2 1 6. The Court has considered and approves the Bar 2 Order language proposed in the Stipulation as follows: 3 a. All claims for contribution and 4 indemnification, however denominated, 5 against Tafeen arising under the federal 6 securities laws, state law, or common law 7 with respect to the events that are the 8 subject of the Action, in favor of the 9 persons, including but not limited to all 10 defendants who are now or ever were 11 parties to the Action (including but not 12 limited to current Defendant Stuart Wolff 13 and currently dismissed (the dismissal 14 being now under appeal), Defendant Cendant 15 Corp. (now legally renamed Avis Budget 16 Group, Inc.) and Richard Smith 17 (hereinafter the Settling, Dismissed and 18 Remaining Defendants), in this Action who 19 are alleged to be responsible for or 20 jointly responsible with Released L90 21 Parties in any manner in the Settled 22 Claims and based upon liability for, or 23 arising out of or relating in any way to, 24 the Settled Claims are extinguished, 25 discharged, barred, satisfied and/or 26 otherwise unenforceable. 27 28 b. All persons, including but not limited to the Settling, Dismissed and 3 1 Remaining Defendants, are hereby 2 barred and permanently enjoined, to 3 the fullest extent allowed by law, 4 from asserting, instituting or 5 prosecuting in any capacity, before 6 any court or governmental agency, any 7 action or proceeding against Tafeen 8 for equitable, partial, comparative, 9 or complete contribution, subrogation, 10 or indemnity, however denominated, 11 based upon liability for, or arising 12 out of or relating in any way to the 13 Settled Claims, and the Court finds 14 that all such claims are extinguished, 15 discharged, satisfied and made 16 unenforceable. 17 c. All claims by Tafeen for contribution 18 and indemnification, however 19 denominated, arising under the federal 20 securities laws, state law or common 21 law with respect to the events that 22 are the subject of the Actions, 23 against any person (including but not 24 limited to the Individual Defendants, 25 Dismissed Defendants and Other 26 Settling Defendants in this Action) 27 other than a person whose liability to 28 Tafeen has been extinguished by 4 1 Tafeen’s settlement of the Settled 2 Claims on his, her or its behalf are 3 extinguished, discharged, barred, 4 satisfied and/or otherwise 5 unenforceable. 6 d. Pursuant to 15 U.S.C. §78u-4(f)(7)(B), 7 if there is a final verdict or 8 judgment against any non-settling 9 defendant in this Action, the verdict 10 of judgment shall be reduced by the 11 greater of: (a) an amount that 12 corresponds to the percentage of 13 responsibility of Tafeen; or (b) the 14 amount paid to for the benefit of the 15 Plaintiff Class by Tafeen. 16 e. The remaining portions of 15 U.S.C. 17 §78u-4(f) on proportionate liability 18 shall apply hereto where applicable. 19 7. The notice given to the Class of the Settlement 20 set forth in the Stipulation and the other matters set 21 forth herein was the best notice practicable under the 22 circumstances, including individual notice to all 23 Members of the Class who could be identified through 24 reasonable efforts. Said notice provided due and 25 adequate notice of these proceedings and of the matters 26 set forth therein, including the proposed Settlement 27 set forth in the Stipulation, to all persons entitled 28 to such notice, and said notice fully satisfied the 5 1 requirements of Rules 23(c)(2) and 23(e) of the Federal 2 Rules of Civil Procedure and the requirements of due 3 process. 4 8. Without affecting the finality of this Judgment 5 in any way, this Court hereby retains continuing 6 jurisdiction over: (a) implementation of this 7 Settlement and any distribution to Class Members 8 pursuant to further orders of this Court; (b) 9 disposition of the Settlement Fund; (c) hearing and 10 determining applications by the Representative 11 Plaintiff for reimbursement of expenses related to 12 Claims Administration, including expert fees and costs, 13 and interest; (d) the Class Actions until the final 14 judgment contemplated hereby has become effective and 15 each and every act agreed to be performed by the 16 parties has been performed pursuant to the Stipulation; 17 (e) hearing and ruling on any issues concerning the 18 proposed Plan of Allocation of settlement proceeds; (f) 19 any application by Lead Counsel for attorneys’ fees 20 and/or reimbursement of expenses; and (g) all parties 21 to the Class Actions and the Stipulation for the 22 purpose of enforcing and administering the Stipulation 23 and Exhibits thereto and the mutual releases and other 24 documents contemplated by, or executed in connection 25 with, the Stipulation. 26 9. In the event that the Settlement does not 27 become effective in accordance with the terms of the 28 Stipulation, then this Judgment will be rendered null 6 1 and void and will be vacated and in such event, all 2 orders entered and releases delivered in connection 3 herewith will be null and void, and the parties will be 4 returned to their respective positions ex ante. 5 10. The Court finds, pursuant to Rule 54(a) and (b) 6 of the Federal Rules of Civil Procedure, that this 7 Judgment should be entered and further finds that there 8 is no just reason for delay in the entry of this 9 Judgment, as a final judgment as to the parties to the 10 Stipulation. Accordingly, the Clerk is hereby directed 11 to enter this Judgment forthwith. 12 13 IT IS SO ORDERED. 14 DATED: August 30, 2011. 15 16 17 HONORABLE RONALD S.W. LEW Senior, U.S. District Court Judge 18 19 20 21 22 23 24 25 26 27 28 7

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