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Pendleton v. Reid

United States District Court, W.D. North Carolina, Statesville Division

May 11, 2017

CURTIS PENDLETON, individually and on behalf of all others similarly situated, Plaintiff,
v.
ROBERT L. REID, SCOTT B. KAUFFMAN, JERRY R. LICARI, J. CHANDLER MARTIN, T. GRAY MCCASKILL, H. RAY MCKENNEY, JR., JOHN C. REDETT, BOYD C. WILSON, JR., COMMUNITYONE BANCORP, and CAPITAL BANK FINANCIAL CORP., Defendants. FLOYD SCROGHAM, individually and on behalf of all others similarly situated, Plaintiff,
v.
ROBERT L. REID, SCOTT B. KAUFFMAN, JERRY R. LICARI, J. CHANDLER MARTIN, T. GRAY MCCASKILL, H. RAY MCKENNEY, JR., JOHN C. REDETT, BOYD C. WILSON, JR., COMMUNITYONE BANCORP, and CAPITAL BANK FINANCIAL CORP., Defendants.

          ORDER GRANTING PRELIMINARY APPROVAL OF CLASS ACTION SETTLEMENT

          Richard L. Voorhees United States District Judge.

         THIS MATTER IS BEFORE THE COURT on Plaintiff Curtis Pendleton's Unopposed Motion for Preliminary Approval of Class Action Settlement (the “Motion”). (Doc. 27). Attached to the Motion, Plaintiff submitted a Stipulation of Settlement. (Doc. 27-4), Defendants have not filed a response to Plaintiff's Motion and the time for them to do so has elapsed. Having reviewed the Stipulation of Settlement and the other documents accompanying Plaintiff's Motion, the Court finds that the proposed settlement appears to be fair, reasonable, and adequate, that it falls within the range of reasonability, and that it is appropriate for preliminary approval. A hearing on the matter to consider its final approval (the “Final Fairness Hearing”) shall be held on July 31, 2017, at 10:00 a.m., at the United States Federal Courthouse, 200 W. Broad St., Statesville, North Carolina 28677, after notice to the Settlement Class Members, at which time the Court will determine whether the proposed settlement is fair, reasonable, and adequate, and whether a final Order and Judgment should be entered in this matter.

         It is hereby ORDERED:

         1. Jurisdiction of Action & Parties: The Court has jurisdiction over the subject matter of this action and over all settling parties hereto.

         2. Interpretation: All capitalized terms not defined in this Order shall have the meanings ascribed to them in the Stipulation of Settlement (Doc. 27-4 at 6-11).

         3. Class Members of Rule 23(b)(3) Class: Pursuant to Fed.R.Civ.P. 23(a) and 23(b)(3), this action is hereby conditionally certified, for settlement purposes only, as a non-opt-out class consisting of any and all record holders and beneficial owners of common stock of CommunityOne Bancorp (CommunityOne) who held or owned such stock at any time during the period beginning on and including November 23, 2015, through and including the date of consummation of the merger of CommunityOne and Capital Bank Financial Corp., on October 26, 2016.[1]

         4. Class Representative and Class Counsel: Pursuant to Fed.R.Civ.P. 23, the Court reaffirms its designation of Plaintiff Curtis Pendleton as the Class Representative and Lead Plaintiff. The Court further reaffirms the appointment of Faruqi & Faruqi, LLP, and Ademi & O'Reilly, LLP as Co-Lead Counsel for Plaintiff and the Settlement Class.

         5. Preliminary Class Certification of the Settlement Class: The Court preliminarily finds that, for settlement purposes only, the Settlement Class satisfies the applicable prerequisites for class action treatment under Fed.R.Civ.P. 23. Namely, the Court preliminarily finds that:

A. The Settlement Class Members are so numerous that joinder of all of them in the action is impracticable (Fed. R. Civ. P. 23(a)(1));
B. There are questions of law and fact common to the Settlement Class Members, which predominate over any individual questions (Fed. R. Civ. P. 23(a)(2) and (b)(3));
C. The claims of the Lead Plaintiff are typical of the claims of the Settlement Class Members (Fed. R. Civ. P. 23(a)(3));
D. The Lead Plaintiff and Co-Lead Counsel will fairly and adequately protect the interests of all of the Settlement Class Members (Fed. R. Civ. P. 23(a)(4)); and
E. As to this Settlement Class, class treatment of these claims will be efficient and manageable, thereby achieving an appreciable measure of judicial economy, and a class action is superior to other available methods for a fair and efficient adjudication of this controversy, and accordingly the ...

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