Akerman v. Arotech Corporation et al, No. 1:2007cv01838 - Document 79 (E.D.N.Y. 2010)

Court Description: MEMORANDUM & ORDER: The Court finds that the prerequisites of Rule 23(a) of the FRCP have been satisfied, that the requirements of Rule 23(b)(3), including notice, have also been satisfied, and finally certifies for settlement purposes a (b)(3) class as previously approved in the earlier provisional rulings. The Court also concludes that the $2.9 million cash settlement and plan of allocation as defined in settlement papers are fair, reasonable and adequate within the meaning of Rule 23(e) , and directs the class members, named plaintiffs and defendants to consummate the settlement in accordance with its terms and provisions as detailed in the settlement documents. The plan of allocation is likewise approved as fair and reasonable, an d plaintiff's counsel and the claims administrator are directed to administer the stipulation in accordance with its terms and provisions. Finally, the Court awards plaintiffs' attorneys' fees in the amount of $725,000 and reimbu rsement of their expenses in the amount of $45,346.32, to be disbursed from the gross settlement fund. The discussion in this Memorandum and Order largely supplanting the summary findings and extraneous language contained in the proposed "Order and Final Judgment" submitted by plaintiffs, the parties are hereby directed to submit a revised proposed final judgment, vastly abridged, consistent herewith. Ordered by Chief Judge Raymond J. Dearie on 6/4/2010. (Chee, Alvin)