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Court OK’s $39K payment to Settlement Trustee
U.S. District Court for the NMI designated Judge Frances M. Tydingco-Gatewood has approved the payment of $39,196.92 to the trustee for Settlement Fund for professional services and expenses incurred for a four-month period.
Tydingco-Gatewood said she reviewed the invoices and finds the request of Settlement Fund trustee’s principal representative Joyce C. H. Tang for compensation and reimbursement of expenses to be reasonable.
The judge said she is satisfied with the work performed by Tang during this time frame.
Tydingco-Gatewood ordered the Settlement Fund to pay the Trustee $35,379.52, which represents 90 percent of the professional fees and 100 percent of all expenses incurred during the months of October 2015 through January 2016.
The Settlement Fund was further ordered to hold in trust to the credit of the Trustee the sum of $3,817.40, which represents 10 percent of the Trustee’s professional fees for this time period.
Pursuant to a previous court order for the appointment of Trustee, Tang may petition for release of the 10 percent retainage on a quarterly basis, subject to the court’s satisfaction of the Trustee’s work and any objections to the Trustee’s compensation request.
From October 2015 to January 2016, Tang requested compensation for work performed in the amount of $38,174 and $1,022.92 for expenses, or for a total of $39,196.92.
Last December, Tydingco-Gatewood ordered the Settlement Fund pay Tang $13,948.07 in compensation and reimbursement expenses incurred for August and September 2015.
