Van Dyke et al v. Balance Point Retirement Analytics LLC, No. 2:2018cv02531 - Document 13 (E.D. Cal. 2019)
Court Description: FINAL JUDGMENT AND ORDER dated *11/5/2019* signed by District Judge Morrison C. England, Jr. on 11/4/2019 ORDERING Plaintiffs shall have judgment against Defendant in the amount of $2,500,000 for purposes of providing redress to James Van Dyke, the Estate of Donna Van Dyke, Hayden Reinthaler, Connie Jerome and the Van Dyke Rice Dryer Profit Sharing Plan. The $2.5 million will be paid in accordance with the payment schedule. This Court will retain jurisdiction of this matter for purposes of construction, modification, and enforcement of this Judgment. The Final Judgment is hereby ENTERED. CASE CLOSED(Reader, L)
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Van Dyke et al v. Balance Point Retirement Analytics LLC Doc. 13 1 WILKE FLEURY LLP WILLIAM A. GOULD, JR. (SBN 35446) 2 wgould@wilkefleury.com MATTHEW W. POWELL (SBN 114563) 3 mpowell@wilkefleury.com DANIEL L. EGAN (SBN 142631) 4 degan@wilkefleury.com AARON R. CLAXTON (SBN 314822) 5 aclaxton@wilkefleury.com 400 Capitol Mall, Twenty-Second Floor 6 Sacramento, California 95814 7 Telephone: (916) 441-2430 Facsimile: (916) 442-6664 8 Attorneys for Plaintiffs James Van Dyke. as an 9 individual and James Van Dyke and Connie Jerome as Trustees of the Van Dyke’s Rice Dryer 10 Profit Sharing Plan 11 UNITED STATES DISTRICT COURT 12 EASTERN DISTRICT OF CALIFORNIA, SACRAMENTO DIVISION 13 14 James Van Dyke in his individual capacity; James Van Dyke and Connie Jerome as 15 Trustees of the Van Dyke’s Rice Dryer Profit Sharing Plan, 16 Plaintiffs, 17 v. 18 Balance Point Retirement Analytics, LLC and 19 DOES 1-25, 20 Case No. 2:18-CV-02531 MCE DB STIPULATED FINAL JUDGMENT AND ORDER Courtroom: 7 Judge: Morrison C. England Jr. Defendants. 21 22 Plaintiffs James Van Dyke, in his individual capacity, and James Van Dyke and Connie 23 Jerome as Trustees for the Van Dyke Rice Dryer Profit Sharing Plan (collectively "Plaintiffs") 24 commenced this civil action against Defendant Balance Point Retirement Analytics, LLC 25 ("Defendant"), on September 18, 2018, to obtain damages, attorney’s fees and punitive damages. 26 Plaintiffs’ complaint alleges violations of ERISA (29 U.S.C §§1000 et seq.), violations of the 27 Federal Securities Laws (15 U.S.C §78J; 17 C.F.R. §240.10e-5), financial elder abuse (Welf. & Inst. 28 Code §§15600 et seq.) and common law claims for conversion, breach of fiduciary duty, fraud and W ILKE F LEURY LLP ATTORNEYS AT LAW SACRAMENTO STIPULATED FINAL JUDGMENT AND ORDER Dockets.Justia.com 1 restitution. Plaintiffs and Defendants, by and through counsel, request that the Court enter this 2 Stipulated Final Judgment and Order (“Judgment”). 3 FINDINGS 4 1. On or about September 18, 2018, Plaintiffs filed a complaint in the United States District 5 Court for the Eastern District of California titled James Van Dyke et al. v. Balance Point 6 Retirement Analytics, LLC (Case No. 2:18-CV-02531-MCE-DB). 7 2. On or about September 21, 2018, Plaintiffs filed a complaint in the adversary proceeding 8 entitled James Van Dyke, et al. v. Robert Scott Barnack (Case No. 18-02153). On or about 9 April 26, 2019. the United States District Court withdrew the reference of the adversary 10 proceeding and the action was assigned to the Hon. Morrison C. England and titled Connie 11 Jerome, et al. v. Robert Scott Barnack (Case No. 2:19-CV-00073-MCE-DB). 12 3. The parties have agreed that judgments shall be entered in both actions in accordance with 13 the terms negotiated between the Parties. 14 4. The Court has jurisdiction over the parties and the subject matter of this action. 15 5. All parties agree to entry of this Judgment, without adjudication of any issue of fact or law, 16 to settle and resolve all matters in this dispute arising from the conduct alleged in the 17 complaint. 18 6. Defendant neither admits nor denies any allegation in the complaint, except as stated in this 19 Judgment. For purposes of this Judgment, Defendant admits the facts necessary to establish 20 the Court's jurisdiction over it and the subject matter of this action. 21 7. Defendant waives all rights to seek judicial review or otherwise challenge or contest the 22 23 validity of this Judgment. 8. Each party will bear its own costs and expenses, including without limitation, attorney’s 24 fees. 25 ORDER TO PAY REDRESS 26 IT IS FURTHER ORDERED that: 27 9. Plaintiffs shall have judgment against Defendant in the amount of two million, five hundred 28 thousand dollars ($2,500,000) for purposes of providing redress to James Van Dyke, the W ILKE F LEURY LLP ATTORNEYS AT LAW SACRAMENTO 2478870.1 -2- STIPULATED FINAL JUDGMENT AND ORDER 1 Estate of Donna Van Dyke, Hayden Reinthaler, Connie Jerome and the Van Dyke Rice 2 Dryer Profit Sharing Plan. The $2.5 million will be paid in accordance with the payment 3 schedule described in subparagraphs a through c of this paragraph. 4 a. Defendant made an initial payment of two hundred thousand dollars ($200,000) with two 5 cashier’s checks made payable to James Van Dyke on Wednesday, September 23, 2019. 6 The cashier’s checks totaling $200,000 were deposited in the Wilke Fleury LLP Trust 7 Account and will not be disbursed until the United States District Court enters judgments 8 in both civil actions. 9 b. Defendant will make a second payment of one hundred thousand dollars ($100,000) on or 10 before Monday, November 25, 2019. The $100,000 shall be paid by cashier’s check made 11 payable to the Van Dyke Rice Dryer Profit Sharing Plan and the Wilke Fleury LLP Trust 12 Account. Alternatively, Defendant can wire $100,000 to the Wilke Fleury LLP Trust 13 Account on or before Monday, November 25, 2019. 14 c. Defendant will pay the remaining two million, two hundred thousand dollars ($2,200,000) 15 in equal quarterly installment payments of one hundred thousand dollars ($100,000) on 16 or before the end of each calendar quarter beginning with a quarterly payment of $100,000 17 on or before March 31, 2020, followed by a second quarterly payment of $100,000 on or 18 before June 30, 2020, a third quarterly payment of $100,000 on or before September 30, 19 2020, a fourth quarterly payment of $100,000 on or before December 31, 2020, and 20 continuing until the remaining $2,200,000 is paid in full. The quarterly payments of 21 $100,000 may be wired to the Wilke Fleury LLP Trust Account or checks made payable 22 to the Van Dyke Rice Dryer Profit Sharing Plan may be delivered to Wilke Fleury LLP. 23 10. If Defendant fails to make the $100,000 payment due on or before November 25, 2019 or 24 any of the quarterly installment payments of $100,000 by the end of each calendar quarter 25 thereafter within ten (10) business days of the dates the payments are due, the entire amount 26 that remains to be paid to satisfy the Judgment will become due and payable, Plaintiffs can 27 immediately institute proceedings to enforce the Judgment. 28 11. The payment of the entire $2.5 million will satisfy the this Judgment, as well as the judgment W ILKE F LEURY LLP ATTORNEYS AT LAW SACRAMENTO 2478870.1 -3- STIPULATED FINAL JUDGMENT AND ORDER 1 entered in the action entitled Connie Jerome, et al. v. Robert Scott Barnack (Case No. 2:19- 2 CV-00073-MCE-DB). 3 RETENTION OF JURISDICTION 4 This Court will retain jurisdiction of this matter for purposes of construction, modification, and 5 enforcement of this Judgment. 6 SO STIPULATED: 7 Dated: October 10, 2019 /s/ Matthew W. Powell__________ Matthew W. Powell Attorneys for Plaintiffs 8 9 10 Dated: October 10, 2019 11 /s/ Julia M. Young__________ Julia M. Young Attorneys for Defendant 12 13 JUDGMENT 14 15 16 17 18 The Parties hereto having filed a "Stipulated Final Judgment and Order;" and the Court having had the opportunity to review the stipulation; and upon the Court's findings that there is no reasonable possibility that the interests of nonparties or the public will be adversely affected by the Judgment; it is therefore ordered that the Stipulated Final Judgment and Order shall become the Final Judgment and Order of this Court. The Final Judgment is hereby entered. 19 20 IT IS SO ORDERED. Dated: November 4, 2019 21 22 23 24 25 26 27 28 W ILKE F LEURY LLP ATTORNEYS AT LAW SACRAMENTO 2478870.1 -4- STIPULATED FINAL JUDGMENT AND ORDER
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