Source: s3://data.kl3m.ai/documents/govinfo/USCOURTS/USCOURTS-ared-4_18-cv-00793/USCOURTS-ared-4_18-cv-00793-17/pdf.json

Nature of Suit Code: 850
Nature of Suit: Securities, Commodities, Exchange
Cause of Action: 15:78m(a) Securities Exchange Act

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IN THE UNITED STATES DISTRICT COURT

EASTERN DISTRICT OF ARKANSAS

CENTRAL DIVISION

STRATHCLYDE PENSION FUND, Lead

Plaintiff

V. No. 4:18-cv-793-DPM

PLAINTIFF

BANK OZK and GEORGE GLEASON

ORDER

DEFENDANTS

Status report, Doc. 242, noted and appreciated. Strathclyde and

the claims administrator have faithfully pursued distribution of the

settlement proceeds. After several distribution rounds, approximately

$6,082.95 remains unclaimed. The Court commends the efforts of

Strathclyde, its lawyers, and the claims administrator.

The Court agrees with Strathclyde: This is a de minimis amount;

and it is time to do a cy pres distribution. The parties' settlement, which

the Court approved after notice and a hearing, provides for this kind of

cleanup if necessary. Doc. 195 at 35-36; Doc. 221 at 4; Rawa v. Monsanto

Co., 934 F.3d 862, 871 (8th Cir. 2019). It is. The settlement was for

$45 million. Any further distribution would be for less than $10 per

claimant. Further distributions to the claimants would not make

economic sense. In re BankAnierica Corporation Securities Litigation,

775 F.3d 1060, 1064 (8th Cir. 2015).

Case 4:18-cv-00793-DPM Document 243 Filed 01/14/25 Page 1 of 3
Strathclyde proposes making the cy pres distribution to Legal Aid

of Arkansas. This non-profit provides legal help to low-income

Arkansawyers on consumer matters, contract disputes, and debt relief.

But, the salutary aims of this organization do not align as near as

possible with those pursued by the class in this case, which alleged

securities fraud. In re BankAmerica, 775 F.3d at 1063-64. The Court

therefore directs Strathclyde to propose another third party -

a non-profit entity whose interests more closely align with the goals of

transparency and accuracy in securities-related matters. Proposal due

by 14 February 2025.

The Court also directs Strathclyde to update the case website with

recent court filings. Also, the helpful banners on the home page should

be replaced with one new notice. It should advise class members

(and the public) this matter is almost concluded; note the undistributed

balance; and specify the new nominee for the cy pres distribution.

Because that proposed distribution is for a de minimis amount,

no additional notice or opportunity to suggest alternative distributees

is needed. In re BankAmerica, 775 F.3d at 1066. Please make this website

update by 14 February 2025, too.

Last, the Court extends its jurisdiction to oversee the settlement

and claims administration until 31 March 2025.

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Case 4:18-cv-00793-DPM Document 243 Filed 01/14/25 Page 2 of 3
So Ordered.

D.P. Marshall Jr.

United States District Judge

/ hIovy ;tLc

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Case 4:18-cv-00793-DPM Document 243 Filed 01/14/25 Page 3 of 3