The plaintiff sought approval of a settlement and class counsel fees in a securities class action alleging secondary market misrepresentations by the defendant regarding a cannabis cultivation project.
The court found the settlement, which exhausted available insurance and included a $1,000,000 contribution from the defendant, to be fair, reasonable, and in the best interests of the class.
The court also approved the plan of allocation, a $5,000 honorarium for the representative plaintiff, and class counsel fees of $1,650,000, representing 30% of the settlement amount.