Class counsel provides an estimated timeline to the Court! Are we nearing the end??
On July 8, 2013, Class Counsel filed a Status Report Regarding Projected Timeline for Completion of Claims Process with the Court.
Let’s skip to the important information first.
Class Counsel predicts that the final review process will be completed by July 19th, the Claims Administrator expects to submit its Preliminary Final Accounting Report by July 26th, and Class Counsel expect to file the Motion for Approval for Distribution of Funds by July 31st.
Class Counsel states that all Track A and Track B claims have been provisionally adjudicated by the Neutrals. At this point, the claims are being further reviewed for the following reasons:
- To find if multiple approved claims refer to the same farming operation – in which case any award would be apportioned among all approved claims for the same operation.
- To find if multiple approved claims refer to the same estate – in which case any award would be given to the claim submitter (if any) who is able to demonstrate that he/she has been appointed as the legal representative of the estate.
- To find if multiple approved claims refer to the same incapacitated person- in which case any award would be given to the claim submitter (if any) who is able to demonstrate that he/she has been appointed as the legal representative of the incapacitated person.
- To find if any approved claimants had already participated in Pigford I and are therefore not class members.
- To apply additional quality control measures to ensure that only claims that satisfy the requirements of the Settlement Agreement are approved
After the final review process is complete, the Claims Administrator will prepare and then file with the Court the Preliminary Final Accounting Report.
17,525 Track A claimants have been provisionally approved. This includes an award of $50,000 plus a corresponding Tax Award of $12,500.
800 Track A claimants have been provisionally approved for a portion of 369 Track A awards.
8 Track A claimants have been provisionally approved for 50% of a Track A award because they have an interest in multiple farming operations.
0 Track B awards will be made.
Track A Loan Awards are expected to be less than 15.
The total amount of awards is not expected to exceed $1,120,425,000.00.
The Ombudsman does not expect its fees will exceed $2,000,000.00 for its final duties.
The maximum potential attorneys’ fee award is $90,835,000.00
The total of the Implementation Costs plus the Ombudsman Costs plus the maximum possible attorneys’ fees is not expected to exceed $127,835,000. $1,122,165,000 would be left for payment of awards which are not expected to exceed $1,120,425,000. Therefore, Class Counsel expects that each successful claimant should receive the full value of their award.