Searching over 5,500,000 cases.


searching
Buy This Entire Record For $7.95

Official citation and/or docket number and footnotes (if any) for this case available with purchase.

Learn more about what you receive with purchase of this case.

IN RE ALLIANCE EQUIP. LEASE PROGRAM SECURITIES LITIGATION

United States District Court, S.D. California


September 15, 2005.

In re ALLIANCE EQUIPMENT LEASE PROGRAM SECURITIES LITIGATION. This Documents Relates To: All Actions, Courtroom 12.

The opinion of the court was delivered by: NAPOLEON JONES, District Judge

STIPULATION OF SETTLEMENT

This Stipulation is between Lois J. Reynolds and La Voi B. Congdon ("Settling Class Members"), members of the Plaintiff Class and broker defendant Tony Sellers ("Settling Defendant"), a member of the Defendant Class (collectively the "Parties"). This Stipulation is intended to provide for the full satisfaction of the judgment entered against Settling Defendant.

On March 27, 2000, the Third Amended Consolidated Complaint ("TACC") was filed in this class action. Lead Plaintiffs alleged that certain investment contracts offered by Alliance Leasing Corporation ("Alliance") were securities and that individual brokers offered and sold the Alliance securities to investors. Plaintiffs further alleged the defendant brokers are liable for damages to Plaintiffs pursuant to Section 12(1) of the Securities Act of 1933.

  On February 27, 2004 Lead Plaintiffs filed a Motion for Summary Judgment against members of the Defendant Class who sold Alliance securities to participating Class Members.

  On July 1, 2004, this Court granted Lead Plaintiffs' motion for summary judgment and entered judgment against defendant class members, including Settling Defendant. The Court awarded damages in favor of the Settling Class Members, and against the Settling Defendant, in the total amount of $44,883, including pre-judgment interest.

  Settling Defendant has claimed extreme financial difficulty. He has prepared and submitted to Lead Plaintiffs Counsel documentation supporting his financial difficulty, including additional legal claims against him in other actions. Settling Class Members have considered this information and, after reviewing their options, Settling Class Members have determined to accept Settling Defendant's offer of settlement, as set forth below.

  NOW, THEREFORE, Settling Defendant desires to satisfy the judgment against him, and the Settling Class Members desire to collect upon the judgment, the Parties stipulate as follows:

1. Settling Defendant agrees to pay, immediately upon execution of this Stipulation, the total sum of $3,850.00, in complete and total settlement and satisfaction of the judgments against him.
2. Settling Defendant agrees to mail payment to the office of Krause, Kalfayan, Benink & Slavens, LLP at the address above, as follows:
a. By making one check payable to the Krause & Kalfayan client trust account fbo Lois J. Reynolds, in the total amount of $1,000.
b. By making one check payable to the Krause & Kalfayan client trust account fbo La Voi B. Congdon, in the total amount of $2,850.00.
3. By signing this stipulation below, Settling Defendant represents and warrants to this Court and to all parties involved that the amount of this settlement is the maximum amount of money he is reasonably able to pay.
  Lead Plaintiffs Counsel agrees to file this Stipulation with the Court, and retain the Settlement Funds until the Court enters an order approving of this Stipulation. If for any reason the Court denies the Stipulation, the Stipulation shall be deemed cancelled, and all funds paid and deposited by Settling Defendant will be returned as soon as is practicable and the parties will be returned to their respective positions as of the date of this Stipulation. IT IS SO STIPULATED: ORDER APPROVING STIPULATION OF SETTLEMENT:

  IT IS HEREBY ORDERED, ADJUDGED, AND DECREED:

  That the Stipulation of Settlement is hereby approved. Lead Plaintiffs' Counsel shall distribute the net Settlement Funds, after deducting attorneys fees and expenses, in accordance with this Court's Order Granting In Part Lead Plaintiffs' Motion For Attorneys' Fees and Reimbursement of Expenses; and Permission To Distribute Net Settlement Funds, dated December 17, 2004.

  IT IS SO ORDERED.

20050915

© 1992-2005 VersusLaw Inc.



Buy This Entire Record For $7.95

Official citation and/or docket number and footnotes (if any) for this case available with purchase.

Learn more about what you receive with purchase of this case.