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Eagle Bancorp Inc.
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Misc | Filed: August 03, 2023 | Entered: August 03, 2023 Stein v. Eagle Bancorp, Inc. et al
Securities/Commodities | New York Southern
Letter
LETTER addressed to Judge Lorna G. Schofield from Leanne Heine Solish dated August 3, 2023 re: Settlement Fund Disbursements. Document filed by Danilee Cassinelli. (Attachments: # 1 Exhibit 1 - Eagle Bancorp Inc Payment Status Chart).(Heine, Leanne)
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Order | Filed: July 24, 2023 Stein v. Eagle Bancorp, Inc. et al
Securities/Commodities | New York Southern
Order
ORDER: It is hereby ORDERED that by August 4, 2023, counsel for Plaintiffs shall file a spreadsheet or other document accounting for disbursement of the entire settlement fund, including the categories described in the Court's Individual Rule III.C.5, as well as the funds allotted via the cy pres distribution. (Signed by Judge Lorna G. Schofield on 7/18/2023) (mml)
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Order | Filed: July 19, 2023 | Entered: July 19, 2023 Stein v. Eagle Bancorp, Inc. et al
Securities/Commodities | New York Southern
Memo Endorsement
MEMO ENDORSEMENT on re: 116 Letter, filed by Norfolk County Retirement System, Danilee Cassinelli. ENDORSEMENT: The motion for designation of Public Justice as a cy pres beneficiary is GRANTED. "In the class action context, it may be appropriate for a court to use cy pres principles to distribute unclaimed funds." In re Holocaust Victim Assets Litig., 424 F.3d 132, 141 (2d Cir. 2005). A "cy pres designee must have some relationship to the original class." Capsolas v. Pasta Res. Inc., 505 F. Supp. 3d 255, 258 (S.D.N.Y. 2020). "This [requirement] stems from the trust law requirement that any new, cy pres beneficiary of a trust be related to the old beneficiary so as to preserve the settlor's original purpose in creating the trust." Id. The Second Circuit has yet to hold definitively which of two applicable standard -- the "reasonable approximation" standard or "next best" standard -- applies in determining a cy pres designee. Id. Courts in this Circuit have applied the "reasonable approximation" standard, under which cy pres designees must "reasonably approximate" the interests of the class. Id.; accord In re Citigroup Inc. Sec. Litig., 199 F. Supp. 3d 845, 848 (S.D.N.Y. 2016). This standard has been held to "best preserve[] the district court's broad supervisory powers... with respect to the administration and allocation of settlement funds." In re Citigroup, 199 F. Supp. 3d at 852. Applying that standard here, Public Justice is an appropriate cy pres beneficiary, as it is a non-profit organization advocating on behalf of investors and consumers pursuing claims under federal and state securities laws. (Signed by Judge Lorna G. Schofield on 7/19/2023) (tg)
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