CASE 0:06-cv-03093-JRT-FLN Document 370 Filed 02/23/12 Page 1 of 6
UNITED STATES DISTRICT COURT
DISTRICT OF MINNESOTA
IN RE: RBC DAIN RAUSCHER
Civil No. 06-3093 (JRT/FLN)
ORDER GRANTING FINAL
APPROVAL OF CLASS AND
Peter Muhic, KESSLER TOPAZ MELTZER & CHECK, LLPC, 280
King of Prussia Road, Radnor, PA 19087; David Rosen, ROSE, KLEIN &
MARIAS LLP, 801 South Grand Avenue, 11th Floor, Los Angeles, CA
90071; John Halebian, LOVELL STEWART HALEBIAN LLP, 61
Broadway, Suite 501, New York, NY 10006, for plaintiffs.
Sari Alamuddin, MORGAN LEWIS BOCKIUS LLP, 77 West Wacker
Drive, 5th Floor, Chicago, IL 60604, for defendant.
On February 23, 2012, the Court heard the Joint Motion for Final Approval of
Class and Collective Action Settlement [Docket No. 356] by Plaintiffs Carlos Alvarez,
Ana Blumberg-Markus, Susan Capozzoli, Andres Cruz, Eugene David, Patrick Grattan,
Christopher Kennedy, Martin Kulman, Felipe Pazos, and Alberto Roque (collectively,
“Plaintiffs” or “Class Representatives”), on behalf of themselves and all others similarly
situated, and Defendant RBC Capital Markets, LLC (“RBC” or “Defendant”) (together
with Plaintiffs, the “Parties”). The Court has considered the Joint Stipulation and
Settlement Agreement (“Stipulation”) filed with the Court on August 16, 2011 [Docket
No. 348], all exhibits attached thereto, and the submissions and arguments of counsel,
and hereby finds and orders as follows:
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Unless otherwise defined herein, all terms used in this Order (the “Final
Approval Order”) will have the same meaning as defined in the Stipulation.
The Court has jurisdiction over the subject matter of this Litigation.
The Court finds that the terms of the Settlement memorialized in the
Stipulation, and filed with the Court, were negotiated at arm’s-length and are finally
approved as fair, reasonable and adequate in light of the factual, legal, practical and
procedural considerations raised by this Litigation and orders that the Stipulation shall be
consummated and implemented in accordance with its terms and conditions.
Solely for the purpose of Settlement in accordance with the Stipulation, the
Court finds that the Settlement Class satisfies the applicable standards for certification
under Rule 23 of the Federal Rules of Civil Procedure and 29 U.S.C. § 216(b), and
hereby certifies a class under Fed. R. Civ. P. 23 and a collective action 29 U.S.C. §
216(b), consisting of:
All Securities Brokers who worked for RBC in the United
States at any time between June 1, 2007 and July 1, 2010 and
the Collective Opt-In Class1 and
The Court appoints, for settlement purposes only, Plaintiffs Carlos Alvarez,
Ana Blumberg-Markus, Susan Capozzoli, Andres Cruz, Eugene David, Patrick Grattan,
The Collective Opt-In Class includes all individuals who filed consent forms to
participate in the Litigation as of October 19, 2010, and who did not otherwise withdrawn
their consent forms, or submit an Election to Opt-Out of Settlement and Class Action
The FLSA Settlement Class includes all Class Members who did not previously
file a consent form with the Court to participate in the Litigation and who are not
members of the Collective Opt-In Class.
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Christopher Kennedy, Martin Kulman, Felipe Pazos, and Alberto Roque as Class
The Court appoints, for Settlement purposes only, the law firms of Kessler
Topaz Meltzer & Check, LLP, Rose, Klein & Marias, LLP, Thierman Law Firm, Lovell
Stewart Halebian LLP, Berman DeValerio, and Lockridge Grindal Nauen PLLP, as Class
The Notices provided to Class Members as set forth in the Stipulation
were the best practicable means of providing notice under the circumstances and
constituted due and sufficient notice of the proposed Settlement and the Fairness Hearing
to all persons and entities affected by and/or entitled to participate in the Settlement, in
full compliance with the notice requirements of FED R. CIV. P. 23, due process, the
Constitution of the United States, the laws of Minnesota and all other applicable laws.
The Notices were accurate, objective, informative and provided Class Members with all
of the information necessary to make an informed decision regarding their participation
in the Settlement and its fairness.
No written objections to the settlement were received by the Court.
After due consideration of Plaintiffs’ likelihood of success at trial, the range
of Plaintiffs’ possible recovery, the complexity, expense and duration of the Litigation,
and the state of proceedings at which the Settlement was achieved, the Court finds the
Settlement to be fair, reasonable and adequate. In particular, in light of the significant
possibility that Defendant could prevail on the merits based on one or more of the
claimed defenses, it is clear that the Settlement falls well-within the range of settlement
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terms that would be considered fair, reasonable and adequate.
The Claims Administrator shall cause the Settlement Amount to be
disbursed in accordance with the Stipulation. Specifically, within twenty (20) calendar
days of the Effective Date, the Claims Administrator shall mail to each Participating
Claimant at his or her Last Known Address, or Updated Address if obtained, his or her
individual payment in accordance with the Stipulation.
The Court shall also retain exclusive jurisdiction and rule by separate Order
with respect to all applications for awards of attorneys’ fees and Class Representative
Enhancement Awards to the Named Plaintiffs, and reimbursements of expenses,
submitted pursuant to the Stipulation.
12. Upon the Effective Date and after Defendant has paid the entire Settlement
Amount, the Class Representatives and each Member of the Settlement Class, including,
but not limited to, all Participating Claimants, on behalf of themselves and each of their
heirs, representatives, successors, assigns, and attorneys, shall be deemed to have, and by
operation of the Judgment shall have, fully, finally, and forever released, dismissed with
prejudice, relinquished, and discharged all Released State Law Claims as defined in the
13. Upon the Effective Date and after Defendant has paid the entire Settlement
Amount, the Class Representatives and each Participating Claimant, on behalf of
themselves and each of their heirs, representatives, successors, assigns, and attorneys,
shall be deemed to have, and by operation of the Judgment shall have, fully, finally, and
forever released, dismissed with prejudice, relinquished, and discharged all Released
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Federal Law Claims as defined in the Stipulation.
14. Upon the Effective Date and after Defendant has paid the entire Settlement
Amount, the Class Representatives shall be deemed to have, and by operation of the
Judgment shall have, fully, finally, and forever released, dismissed with prejudice,
relinquished, and discharged all Class Representatives’ Released Claims as detailed in the
Class Representative General Releases, with separate releases provided for each Class
Representative’s State, as provided for in the Stipulation.
In the event that the Effective Date does not occur, the Settlement and the
Stipulation shall be deemed null and void and shall have no effect whatsoever. In such
case, nothing in the Stipulation or this Order shall be relied upon, cited as, constitute
evidence of, or constitute an admission that class action certification is or may be
appropriate in this action or any other matter.
This Final Order and Judgment shall not be construed or used as an
admission, concession, or declaration of any fault, wrongdoing, breach or liability of any
of the Parties.
This action is dismissed with prejudice. The Court hereby retains
jurisdiction of all matters relating to the interpretation, implementation, effectuation and
enforcement of the Stipulation. The Court further retains jurisdiction to enforce this
IT IS SO ORDERED.
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____s/ John R. Tunheim ____
JOHN R. TUNHEIM
United States District Judge
DATED: February 23, 2012
at Minneapolis, Minnesota.