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Payment of $39,656 to Settlement Fund trustee for March-May OK’d
U.S. District Court for the NMI designated judge Frances Tydingco-Gatewood ordered the Settlement Fund on Tuesday to pay its trustee, Joyce C. H. Tang, $39,656.80 for professional services and expenses incurred from March to May 2014.
Tydingco-Gatewood said the amount represents 90 percent of the professional fees and 100 percent of all expenses incurred in that period.
The judge further ordered the Settlement Fund to hold in trust to the credit of the trustee $4,204.75, which represents 10 percent of the trustee’s professional fees for the period.
Tydingco-Gatewood said Tang may petition for the release of the 10 percent retainage every quarter.
Tang billed the Settlement Fund $42,047.50 for professional services and $1,814.05 for expenses, for a total of $43,861.55, for the three-month period.
Tydingco-Gatewood said she has reviewed these invoices and finds the request reasonable.
The judge said the trustee worked with its investment consultants regarding the implementation of an asset allocation strategy that would be beneficial to the class’ assets, and worked on hiring hearing officers and an arbitrator to hear administrative appeals.
Last April, the judge ordered the Settlement Fund to pay Tang $25,634.25 for professional services and expenses incurred during the months of January and February 2014.
