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Western Reserve Life Assurance Co. of Ohio, An Ohio Corporation v. Daniel Duong

September 12, 2011

WESTERN RESERVE LIFE ASSURANCE CO. OF OHIO, AN OHIO CORPORATION, PLAINTIFF,
v.
DANIEL DUONG, XIAOLING SHI, AARON CHIH YUAN LEE AND NA SHEN, DEFENDANTS.



The opinion of the court was delivered by: Judge: Hon. Jacqueline H. Nguyen

AND RELATED COUNTERCLAIM AND CROSS-CLAIMS

JUDGMENT

WHEREAS the Court has issued its ORDER enforcing a written settlement agreement, IT IS ORDERED, ADJUDGED AND DECREED that the Judgment herein shall consist of the terms of the Interim Settlement Agreement executed by Xiaoling Shi and Daniel Duong on June 30, 2011, which states as follows:

1. Daniel Duong, Defendant, Claimant, Counter-Claimant, Cross-Claimant and Cross-Defendant, and Xiaoling Shi, Defendant, Cross-Defendant and Cross-Claimant, on behalf of themselves and all related persons, agree to settle the interpleader action, UCSD Case No. CV 10-007746 on the following terms and conditions:

(A) After payment of attorney fees and costs to Western Reserve Life Assurance Co. ("WRL"), either by way of stipulation of the parties or court order;

(B) The net funds will be distributed as follows:

(i) 52% to Xiaoling Shi and her counsel of record, King Cheng & Miller, LLP and

(ii) 48% to Daniel Duong and his counsel of record, James T. Hudson.

2. The parties will advise the Court of the settlement and upon payment of the proceeds in interpleader in keeping with the provision of Paragraph 1 above, the parties, including WRL, shall file a Stipulation to Dismiss the action, including any and all counter-claims, cross-complaints, with prejudice.

3. Currently pending is a claim by Daniel Duong, as the primary beneficiary, against a life insurance policy issued by ING/Reliastar ("ING" herein). Xiaoling Shi is the contingent beneficiary of the ING policy. No litigation is currently pending regarding the claim against this policy; nevertheless, the parties wish to resolve any dispute or potential dispute as to the distribution of the proceeds from the ING policy. Accordingly, the parties agree as follows:

(A) James T. Hudson will prosecute the claim against ING for payment of the policy proceeds, with Daniel Duong as the claimant. Mr. Hudson shall be paid attorneys fees of one third of any recovery on the ING policy and costs of suit will be born by Daniel Duong.

(B) Any net recovery (after deducting attorneys fees and costs) from ING by way of settlement or judgment will be divided as follows:

(i) Daniel Duong shall receive ...


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