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In re Medtronic, Inc. Securities Litigation

United States District Court, D. Minnesota

December 11, 2018

In re MEDTRONIC, INC. SECURITIES LITIGATION This Document Relates To: ALL ACTIONS.

         CLASS ACTION

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

          MICHAEL J. DAVIS UNITED STATES DISTRICT JUDGE

         This matter having come before the Court on December 11, 2018, on the motion of Lead Counsel for an award of attorneys' fees and expenses and Class Representatives' costs and expenses in the Litigation, the Court, having considered all papers filed and proceedings conducted herein, having found the Settlement of this Litigation to be fair, reasonable and adequate, and otherwise being fully informed in the premises and good cause appearing therefore;

         IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that:

         1. This Order incorporates by reference the definitions in the Stipulation of Settlement dated July 17, 2018 (the “Stipulation”), and all capitalized terms used, but not defined herein, shall have the same meanings as set forth in the Stipulation.

         2. This Court has jurisdiction over the subject matter of this application and all matters relating thereto, including all Members of the Class who have not timely and validly requested exclusion.

         3. Pursuant to and in compliance with Rule 23 of the Federal Rules of Civil Procedure and the Court's Amended Order Preliminarily Approving Settlement and Providing for Notice dated August 16, 2018 (ECF No. 524) (the “Preliminary Approval Order”), due and adequate notice was directed to all Class Members, including individual notice to those Class Members who could be identified through reasonable effort, advising them of Lead Counsel's request for attorneys' fees and expenses and reimbursement of costs and expenses to Class Representatives in connection with their representation of the Class, and of their right to object thereto, and a full and fair opportunity was accorded to Class Members to be heard with respect to the request for attorneys' fees and expenses, and there were no objections to the request for attorneys' fees and expenses.

         4. The Court hereby awards Lead Counsel attorneys' fees in the amount of $7, 568, 000.00 (which is 17.6% of the settlement fund), plus expenses in the amount of $1, 022, 639.88, together with the interest earned on both amounts for the same time period and at the same rate as that earned on the Settlement Fund until paid. The Court finds that the amount of fees awarded is appropriate and that the amount of fees awarded is fair and reasonable under the “percentage-of-recovery” method.

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

(a) the Settlement has created a fund of $43, 000, 000.00 in cash that has been funded into escrow under the Stipulation, and Class Members who submit acceptable Proof of Claim and Release forms will benefit from the Settlement that occurred because of the efforts of Plaintiffs' Counsel;
(b) the fee sought by Lead Counsel has been reviewed and approved as reasonable by Class Representatives, institutional investors, that were all involved in overseeing the prosecution and resolution of the Litigation;
(c) Copies of the Notice were mailed to over 452, 000 potential Class Members and nominees stating that Lead Counsel would apply to the Court for an award of attorneys' fees for all Plaintiffs' Counsel in an amount not to exceed 25% of the Settlement Amount, and expenses paid or incurred in connection with the institution, prosecution and resolution of the claims against Defendants, in an amount not to exceed $1, 250, 000.00, plus interest on both amounts. The Notice advised Class Members of their right to object to Lead Counsel's motion for attorneys' fees and expenses, and a full and fair opportunity was accorded to persons who are Class Members to be heard with respect to the motion. No. objections to the fees and expenses requested by Lead Counsel have been received;
(d) Plaintiffs' Counsel have conducted the Litigation and achieved the Settlement with skill, perseverance, and diligent advocacy;
(e) The Litigation involves complex factual and legal issues, and, in the absence of Settlement, would involve further lengthy proceedings with uncertain resolution if ...

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