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Forsta AP-Fonden and Danske Invest Management A/S v. St. Jude Medical, Inc.

United States District Court, D. Minnesota

November 16, 2016

FÖRSTA AP-FONDEN AND DANSKE INVEST MANAGEMENT A/S, Individually and on Behalf of All Others Similarly Situated, Plaintiffs,
v.
ST. JUDE MEDICAL, INC., DANIEL J. STARKS, JOHN C. HEINMILLER, ERIC S. FAIN, MICHAEL T. ROUSSEAU, and DONALD J. ZURBAY, Defendants.

          ORDER AWARDING ATTORNEYS' FEES AND EXPENSES AND REIMBURSEMENT OF CLASS REPRESENTATIVES' COSTS AND EXPENSES

          JOAN N. ERICKSEN, UNITED STATES DISTRICT JUDGE

         This matter having come before the Court for hearing on November 9, 2016 (the “Settlement Fairness Hearing”) on Class Counsel's motion for an award of attorneys' fees, reimbursement of litigation expenses incurred by Plaintiffs' Counsel, and reimbursement of costs and expenses to Class Representatives in connection with their representation of the Class in the above-captioned class action (“Action”); the Court having considered all matters submitted to it at the Settlement Fairness Hearing and otherwise; it appearing that notice of the Settlement Fairness Hearing substantially in the form approved by the Court was mailed to all Class Members who or which could be identified with reasonable effort, and that a summary notice of the hearing substantially in the form approved by the Court was published in the national edition of Investor's Business Daily and transmitted over PR Newswire in accordance with the specifications of the Court; the Court having received no objections to the motion from any Class Member; and the Court having considered and determined the fairness and reasonableness of the award of attorneys' fees and expenses requested, NOW, THEREFORE, based on the files, records, and proceedings herein, IT IS HEREBY ORDERED THAT:

         1. This Order incorporates by reference the definitions in the Stipulation and Agreement of Settlement dated July 7, 2016 (the “Stipulation”) (Dkt. No. 290), and all capitalized terms not otherwise defined in this Order have the same meanings as defined in the Stipulation.

         2. The Court has jurisdiction to enter this Order and over the subject matter of the Action and all parties to the Action, including all Class Members.

         3. Notice of Class Counsel's motion for an award of attorneys' fees, reimbursement of litigation expenses incurred by Plaintiffs' Counsel, and reimbursement of costs and expenses to Class Representatives in connection with their representation of the Class was given to all Class Members who could be identified with reasonable effort. The form and method of notifying the Class of the motion for an award of attorneys' fees and expenses satisfied the requirements of Rule 23 of the Federal Rules of Civil Procedure, Section 21D(a)(7) of the Securities Exchange Act of 1934, 15 U.S.C. § 78u-4(a)(7) as amended by the Private Securities Litigation Reform Act of 1995, due process, and any other applicable law or rules, constituted the best notice practicable under the circumstances, was reasonably calculated to apprise all interested parties of the matters before the Court and their right to object to such matters, and constituted due and sufficient notice to all persons and entities entitled thereto.

         4. Plaintiffs' Counsel are awarded attorneys' fees of 25% of the Settlement Fund ($9, 812, 500) (which amount includes accrued interest) and reimbursement of litigation expenses in the amount of $2, 631, 505.39, plus interest earned on this amount at the same rate earned by the Settlement Fund, which sums the Court finds to be fair and reasonable. The attorneys' fees and litigation expenses awarded will be paid in accordance with the terms of the Stipulation.

         5. In making this award of attorneys' fees and expenses to be paid from the Settlement Fund, the Court considered and finds that:

(a) Plaintiffs' Counsel have ample experience litigating actions similar to the present Action and applied their expertise to representing the Class for more than three years;
(b) Plaintiffs' Counsel's services directly led to the Settlement, which created a fund of $39, 250, 000 in cash, now deposited into escrow under the Stipulation;
(c) Plaintiffs' Counsel fairly and adequately represented all of the Class Members with respect to the Settlement, including twice negotiating the Settlement at arm's-length with the assistance of an independent mediator;
(d) Plaintiffs' Counsel continuously litigated this complex action and, among other steps, succeeded in part in opposing Defendants' motion to dismiss;
(e) The case involved extensive discovery;
(f) Class Members who submit acceptable Claim Forms will benefit from the Settlement that occurred because of the efforts of Plaintiffs' Counsel;
(g) The fee sought by Plaintiffs' Counsel has been reviewed and approved as reasonable by Class Representatives, institutional investors that oversaw the ...

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