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Court approves $108K Settlement Fund trustee compensation

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FRANCES M. Tydingco-Gatewood, District Court for the NMI designated judge, has approved  the request for compensation and reimbursement of expenses by Settlement Fund trustee Joyce C. H. Tang, saying it was reasonable.

Judge Tydingco-Gatewood on Thursday ordered the Settlement Fund to pay Tang $108,890.40.

“This amount represents…90% of the trustee’s professional fees and all expenses incurred during the months of November 2019 through July 2020 (invoices dated December 2019 to July 2020),” the judge said.

She also ordered the Settlement Fund to hold in trust to the credit of the trustee the sum of $11,522.25 “which represents 10% of the trustee’s professional fees for this time period.”

Regarding Tang’s request to increase her rate from $250 per hour to $350 per hour, effective June 11, 2019, the judge approved it, saying it was reasonable “particularly because of the Fund’s positive financial status and better than expected investment return this fiscal year.”

The judge said Tang may petition for the release of the 10% retainer on a quarterly basis, subject to the court’s satisfaction of the trustee’s work and any objections to the trustee’s compensation requests.

The judge said, “Objections to the trustee’s request for remuneration may be made within 10 days of this order by the plaintiff, class counsel and counsel for the CNMI government.”

Tang has also petitioned for the release of the 10% retainer withheld from previous invoices during the months of May through October 2019.

According to Judge Tydingco-Gatewood, “There being no objection to the said invoices and the court being satisfied with the trustee’s work, the court orders the Settlement Fund to pay the trustee an additional sum of $7,397.50.”

 

November 2020 pssnewsletter

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