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Lloyd v. CVD Financial Corp.

United States District Court, C.D. California, Western Division

March 13, 2017

BARRY R. LLOYD, Individually and on Behalf of All Others Similarly Situated, Plaintiff,
v.
CVB FINANCIAL CORP., et al., Defendants.

          [PROPOSED] JUDGMENT APPROVING CLASS ACTION SETTLEMENT

          CHRISTINA A. SNYDER United States District Judge

         WHEREAS, a consolidated class action is pending in this Court entitled Lloyd v. CVB Financial Corp., Case No. 10-cv-06256 (the “Action”);

         WHEREAS, (a) Lead Plaintiff Jacksonville Police & Fire Pension Fund (“Lead Plaintiff”), on behalf of itself and the Settlement Class (defined below); and (b) defendant CVB Financial Corp. (“CVB” or the “Company”), and defendants Christopher D. Myers and Edward J. Biebrich, Jr. (the “Individual Defendants”; with CVB, “Defendants”; together with Lead Plaintiff, the “Parties”), have determined to settle claims asserted against Defendants in this Action with prejudice on the terms and conditions set forth in the Stipulation And Agreement Of Settlement (the “Stipulation”) that provides for a dismissal with prejudice of claims asserted against Defendants in the Action on the terms and conditions set forth in the Stipulation, subject to approval of this Court (the “Settlement”);

         WHEREAS, unless otherwise defined herein, all capitalized words contained herein shall have the same meanings as they have in the Stipulation;

         WHEREAS, by Order dated December 5, 2016 (the “Preliminary Approval Order”), this Court: (a) preliminarily approved the Settlement; (b) certified the Settlement Class solely for purposes of effectuating the Settlement; (c) ordered that notice of the proposed Settlement be provided to potential Settlement Class Members; (d) provided Settlement Class Members with the opportunity either to exclude themselves from the Settlement Class or to object to the proposed Settlement; and (e) scheduled a hearing regarding final approval of the Settlement;

         WHEREAS, due and adequate notice has been given to the Settlement Class;

         WHEREAS, the Court conducted a hearing on March 13, 2017 (the “Settlement Hearing” or “Fairness Hearing”) to consider, among other things, (a) whether the terms and conditions of the Settlement are fair, reasonable and adequate to the Settlement Class, and should therefore be approved; and (b) whether a judgment should be entered dismissing the Action with prejudice as against the Defendants; and

         WHEREAS, the Court having reviewed and considered the Stipulation, all papers filed and proceedings held herein in connection with the Settlement, all oral and written comments received regarding the Settlement, and the record in the Action, and good cause appearing therefor;

         IT IS HEREBY ORDERED, ADJUDGED AND DECREED:

         1. Jurisdiction - The Court has jurisdiction over the subject matter of the Action, and all matters relating to the Settlement, as well as personal jurisdiction over all of the Parties and each of the Settlement Class Members.

         2. Incorporation of Settlement Documents - This Judgment incorporates and makes a part hereof: (a) the Stipulation filed with the Court; and (b) the Notice and the Summary Notice, both of which were filed with the Court.

         3. Class Certification for Settlement Purposes - The Court hereby affirms its determinations in the Preliminary Approval Order certifying, for the purposes of the Settlement only, the Action as a class action pursuant to Rule 23(a) and (b)(3) of the Federal Rules of Civil Procedure on behalf of the Settlement Class consisting of all persons and entities who purchased or otherwise acquired the common stock of CVB between March 4, 2010, and August 9, 2010, inclusive (the “Settlement Class Period”), and were damaged thereby. Excluded from the Settlement Class are Defendants; the officers and directors of CVB during the Settlement Class Period (the “Excluded Officers and Directors”); members of the Immediate Family of each of the Individual Defendants and of the Excluded Officers and Directors; any entity in which any Defendant, any Excluded Officer and Director, or any of their respective Immediate Family had during the Settlement Class Period and/or has a controlling interest; Defendants' liability insurance carriers; any affiliates, parents or subsidiaries of CVB; all CVB plans that are covered by ERISA; and the legal representatives, heirs, agents, affiliates, successors-in-interest or assigns of any excluded person or entity, in their respective capacity as such. Also excluded from the Settlement Class are the persons and entities listed on Exhibit 1 hereto who or which are excluded from the Settlement Class pursuant to request.

         4. Adequacy of Representation - Pursuant to Rule 23 of the Federal Rules of Civil Procedure, and for purposes of the Settlement only, the Court hereby affirms its determinations in the Preliminary Approval Order certifying Lead Plaintiff as Class Representative for the Settlement Class and appointing Lead Counsel as Class Counsel for the Settlement Class. Lead Plaintiff and Lead Counsel have fairly and adequately represented the Settlement Class both in terms of litigating the Action and for purposes of entering into and implementing the Settlement and have satisfied the requirements of Federal Rules of Civil Procedure 23(a)(4) and 23(g), respectively.

         5. Notice - The Court finds that the dissemination of the Notice and the publication of the Summary Notice: (a) were implemented in accordance with the Preliminary Approval Order; (b) constituted the best notice practicable under the circumstances; (c) constituted notice that was reasonably calculated, under the circumstances, to apprise Settlement Class Members of (i) the pendency of the Action; (ii) the effect of the proposed Settlement (including the Releases to be provided thereunder); (iii) Lead Counsel's motion for an award of attorneys' fees and reimbursement of Litigation Expenses; (iv) their right to object to any aspect of the Settlement, the Plan of Allocation and/or Lead Counsel's motion for attorneys' fees and reimbursement of Litigation Expenses; (v) their right to exclude themselves from the Settlement Class; and (vi) their right to appear at the Settlement Hearing; (d) constituted due, adequate, and sufficient notice to all persons and entities entitled to receive notice of the proposed Settlement; and ...


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