Treatment of Late Claims

WHAT ARE TIMELY CLAIMS?

  • For End Users, “Timely Claims” means those claims submitted on or before December 7, 2015. However, natural persons residing in California could submit Timely Claims through June 30, 2016.
  • For Resellers, “Timely Claims” means claims submitted on or before November 29, 2016.

WHAT ARE LATE CLAIMS?

  • For End Users and Resellers, Claims submitted after the Court-ordered deadlines identified above are “Late Claims”.

WHAT IS THE PROPOSED TREATMENT OF LATE CLAIMS?

Lead Counsel and the Settlement Administrator have recommended that the Court adopt the following approach:

  • Late Claims “on file” with the Settlement Administrator as of May 5, 2020, and approved by the Settlement Administrator, shall be paid at 50%-unit value, as compared with Timely Claims, which shall be paid at 100%-unit value;
  • “Placeholder Claims” which, as of May 5, 2020, did not provide a good-faith number of CRT units purchased are not considered “on file” and shall not be paid;
  • Claims filed after May 5, 2020 are rejected;
  • Application of the 50% reduction to Late Claims shall not reduce the value of any such claim to less than the minimum payment of $25 (unless the minimum payment is reduced to less than $25 for all claimants);
  • If any residual remains in the Net Settlement Fund after distribution checks become stale, such residual will be shared as follows:
    • if the residual is less than or equal to $12 million, it shall be shared pro rata by the Late Claimants, subject to a minimum threshold set at the Settlement Administrator’s discretion, and
    • if the residual is more than $12 million, it shall be shared pro rata by all claimants, subject to a minimum threshold set at the Settlement Administrator’s discretion.

WHAT ARE PLACEHOLDER CLAIMS?

  • Claimants who failed to provide purchase quantities for CRT Products on the Claim Form or only partially completed this information so that the Claim Form showed “N/A” or “TBD” or “0” or was blank or some combination thereof are referred to as “Placeholder Claims”.