Source: s3://data.kl3m.ai/documents/govinfo/USCOURTS/USCOURTS-casd-3_07-cv-00488/USCOURTS-casd-3_07-cv-00488-1/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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UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF CALIFORNIA

MICHAEL ATLAS and GAIL ATLAS,

Individually and On Behalf of All Others

Similarly Situated,

Plaintiffs,

CASE NO. 07-CV-00488-H (CAB)

ORDER APPROVING

DISTRIBUTION OF NET

SETTLEMENT FUND

vs.

ACCREDITED HOME LENDERS

HOLDING CO.; JAMES KONRATH;

JOSEPH J. LYDON; STUART D.

MARVIN; JOHN S. BUCHANAN;

DAVID E. HERTZEL; and JEFFREY W.

CRAWFORD,

Defendants.

On June 2, 2010, Lead Plaintiff Arkansas Teacher Retirement System (“Lead Plaintiff”)

filed a motion for approval of a distribution plan for the Net Settlement Fund. (Doc. No. 226.)

Considering all materials and argument submitted in support of the motion, including the

Memorandum in Support of Unopposed Motion for Approval of Distribution of Settlement and

the Declaration of Jennifer M. Keough Re: Distribution of Net Settlement Fund (the “Keough

Declaration”) submitted therewith the Court orders the following:

A. The administrative recommendations to accept claims, including the claims filed

after the November 17, 2009 deadline (“Late Claims”) but before May 4, 2010, and to reject

wholly ineligible or otherwise deficient claims, as recommended by the Claims Administrator,

The Garden City Group (“Garden City”), as stated in the Keough Declaration, are adopted, and

Case 3:07-cv-00488-H-CAB Document 227 Filed 06/04/10 Page 1 of 3
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said claims are hereby accepted and eligible for payment from the Net Settlement Fund; 

B. Distribution of the Net Settlement Fund (after deduction for the payments for

accrued and anticipated expenses as authorized by the Stipulation of Settlement or the Court)

to the Authorized Claimants pursuant to the Court-approved Plan of Allocation is directed;

C. The distribution drafts may state that the distribution check must be cashed

within 120 days; 

D. The recommended plan for Settlement Funds remaining after the initial

distribution is adopted, pursuant to paragraph 5.6 of the Stipulation, as follows:

If there is any balance remaining in the Net Settlement Fund after six (6) months

from the date of distribution of the Net Settlement Fund (whether by reason of

tax refunds, uncashed checks or otherwise), Lead Counsel shall, if feasible,

reallocate such balance among Authorized Claimants who deposited the checks

sent in the initial distribution in an equitable and economic fashion. At such

time as the Claims Administrator and Lead Counsel determine that further

redistribution is not cost-effective, donation of the balance of the Net Settlement

Fund, after payment of any unpaid costs or fees associated in connection with

administering the Net Settlement Fund, may be made to non-sectarian,

not-for-profit, 501(c)(3) organization(s) designated by Lead Counsel and

approved by the Court;

E. The Court approves of Lead Plaintiff's selection of the Legal Aid Society of San

Diego, Inc. for any cy pres award that may become appropriate;

F. Class Members are barred from making any further claim against the Net

Settlement Fund, and all persons involved in the claims administration process are released and

discharged from any and all claims arising out of such involvement; 

G. Destruction of paper copies of the Claim Forms and electronic copies of Claims

records one year and three years after final distribution, respectively, is authorized;

H. In accordance with the Stipulation of Settlement, payment to the Claims

Administrator, Garden City, from the Settlement Fund of the balance owed of $308,803.93 for

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the fees and expenses incurred and estimated to be incurred through the end of the project, is

authorized; 

I. Payment to Lead Plaintiff's damages expert, Forensic Economics, Inc., from the

Settlement Fund of the balance owed of $4,950.00 for the additional services rendered in

connection with the Court-approved Plan of Allocation, is authorized; and

J. This Court retains jurisdiction to consider any further applications concerning

the administration of the Settlement, and such other and further relief as this Court deems

appropriate.

IT IS SO ORDERED.

DATED: June 4, 2010 ________________________________

MARILYN L. HUFF, District Judge

UNITED STATES DISTRICT COURT

COPIES TO:

All parties of record

Case 3:07-cv-00488-H-CAB Document 227 Filed 06/04/10 Page 3 of 3