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Case 3:10-cv-00132-RCJ-WGC Document 117 Filed 10/16/12 Page 4 of 7 1 in comparable securities fraud cases. See, e.g., In re Warfarin Sodium Antitrust Litig., 391 2 F.3d 516, 538 (3d Cir. 2004) (finding that the district court did not abuse its discretion in finding 3 that a settlement amount of approximately thirty-three percent of available damages is 4 reasonable); In re Skilled Healthcare Group, Inc. Sec. Litig., No. CV 09-5416 DOC (RZx), 2011 5 WL 280991, at *4 (C.D. Cal. Jan. 26, 2011) (approving a settlement amount of approximately 6 twenty percent of the estimated maximum damages); In re Omnivision Tech, Inc., 559 7 F.Supp.2d 1036, 1042 (N.D. Cal. 2008) (approving a settlement amount of approximately nine 8 percent of the estimated maximum damages). The Settlement Amount is also valuable when 9 compared with the “present value of the damages plaintiffs would likely recover if successful, 10 appropriately discounted for the risk of not prevailing.” In re Gen. Motors Corp. Pick-up Truck 11 Fuel Tank Prods. Liability Litig., 55 F.3d 768, 806 (3d Cir. 1995). 12 Finally, the reaction of the class members to the proposed settlement supports the 13 fairness, reasonableness, and adequacy of the settlement. After notice was sent to class 14 members of the terms of the proposed settlement, the option to file an objection, the option to 15 appear at the hearing, and the option to request an exclusion, not a single objection or notice 16 of appearance was filed by any class member. Three requests for exclusion were received, 17 but only two comply with the requirements of the Preliminary Approval Order (#98).1 “If only 18 a small number of objections are received, that fact can be viewed as indicative of the 19 adequacy of the settlement.” In re Austrian and German Bank Holocaust Litig, 80 F.Supp.2d 20 164, 175 (S.D.N.Y . 2000). Therefore, the Court finds that the Unopposed Motion for Final Approval of the 21 22 Proposed Settlement, Class Certification and the Plan of Allocation (#103) should be granted. 23 B. Attorneys’ Fees and Costs 24 Plaintiffs request that the Court approve attorneys’ fees in the amount of 30% of the 25 26 27 28 1 Plaintiffs request that the Court list the two proper exclusions and deny Phillip Feldman, Esq.’s request for exclusion. Feldman submitted a request without identifying any Ormat securities or any dates of purported transactions. Plaintiffs’ counsel contacted Feldman at his law office repeatedly but Feldman refused to identify his trades, if any, of Ormat securities during the Class Period. Because Feldman’s request for exclusion does not comply with the Preliminary Approval Order (#98), his request for an exclusion shall be denied. 4PDF Image | Lawsuit Ormat Technologies
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