Strathclyde Pension Fund v. Bank OZK

• Court: District Court, E.D. Arkansas
• Decided: January 14, 2025
• Docket: 4:18-cv-00793
• Status: Unknown

Opinion

IN THE UNITED STATES DISTRICT COURT EASTERN DISTRICT OF ARKANSAS CENTRAL DIVISION

STRATHCLYDE PENSION FUND, Lead Plaintiff PLAINTIFF

Vv. No. 4:18-cv-793-DPM

BANK OZK and GEORGE GLEASON DEFENDANTS

ORDER Status report, Doc. 242, noted and appreciated. Strathclyde and the claims administrator have faithfully pursued distribution of the settlement proceeds. After several distribution rounds, approximately $6,082.95 remains unclaimed. The Court commends the efforts of Strathclyde, its lawyers, and the claims administrator. The Court agrees with Strathclyde: This is a de minimis amount; and it is time to do a cy pres distribution. The parties’ settlement, which the Court approved after notice and a hearing, provides for this kind of cleanup if necessary. Doc. 195 at 35-36; Doc. 221 at 4; Rawa v. Monsanto Co., 934 F.3d 862, 871 (8th Cir. 2019). It is. The settlement was for $45 million. Any further distribution would be for less than $10 per claimant. Further distributions to the claimants would not make economic sense. In re BankAmerica Corporation Securities Litigation, 775 F.3d 1060, 1064 (8th Cir. 2015).

Strathclyde proposes making the cy pres distribution to Legal Aid of Arkansas. This non-profit provides legal help to low-income Arkansawyers on consumer matters, contract disputes, and debt relief. But, the salutary aims of this organization do not align as near as possible with those pursued by the class in this case, which alleged securities fraud. In re BankAmerica, 775 F.3d at 1063-64. The Court therefore directs Strathclyde to propose another third party— a non-profit entity whose interests more closely align with the goals of transparency and accuracy in securities-related matters. Proposal due by 14 February 2025. The Court also directs Strathclyde to update the case website with recent court filings. Also, the helpful banners on the home page should be replaced with one new notice. It should advise class members (and the public) this matter is almost concluded; note the undistributed balance; and specify the new nominee for the cy pres distribution. Because that proposed distribution is for a de minimis amount, no additional notice or opportunity to suggest alternative distributees is needed. In re BankAmerica, 775 F.3d at 1066. Please make this website update by 14 February 2025, too. Last, the Court extends its jurisdiction to oversee the settlement and claims administration until 31 March 2025.

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So Ordered.

D.P. Marshall Jr. United States District Judge 14 _fpesioay 2005"

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