Opinion ID: 755571
Heading Depth: 4
Heading Rank: 3

Heading: Enhancements To the Task Force Plan

Text: The district court found the settlement improved upon the Task Force's remediation plan in several ways. Fairness Opinion, 962 F.Supp. at 492-95. First, the court found that the settlement improved the structure of the ADR process by including class counsel and their representatives in the monitoring process, and improving the claim scoring criteria 21 and evidentiary factors used to analyze ADR claims. 22 It also enhanced the remedies available through both the ADR process and Basic Claim Relief, 23 and provided for a blanket waiver of statute of limitations and other defenses which Prudential might otherwise have. Second, it provided minimum financial guarantees which were not contained in the Task Force plan. In addition to the uncapped relief provided under both the Task Force plan and the proposed settlement, Prudential guaranteed to pay at least $260 million for each 110,000 claims remedied (up to 330,000), with a minimum payment of $410 million regardless of the number of claims remedied. Prudential also agreed to pay an additional remediation amount based on a sliding scale from $50 to $300 million, depending on the number of claims remedied. This amount was to be allocated by the district court. Finally, the district court noted the Proposed Settlement establishe[d] an unparalleled outreach program to ensure that class members are adequately informed. Fairness Opinion, 962 F.Supp. at 492. This included mailing individual notice to over 8 million current and former policyholders, and publishing summary notices in the national editions of The New York Times, The Wall Street Journal, USA Today, and The Newark Star Ledger. The summary notice was also published in the largest newspaper in each of the fifty states and the District of Columbia. In addition, the Stipulation of Settlement provided that, following final approval of the settlement, post-settlement notice would be (a) mailed to each class member, (b) published in the national editions of The New York Times, The Wall Street Journal, USA Today, The Newark Star Ledger, and other regional newspapers, and (c) disseminated through television and radio advertising on stations having representative regional coverage. Stipulation of Settlement at 27-29. Finally, the outreach program established a six-day-a-week toll-free 800 number, staffed by specially trained personnel, to answer class member questions. 24 The Task Force plan did not describe how its outreach program would be implemented. Fairness Opinion, 962 F.Supp. at 494.