On September 9, 2016, KL Obtained Final Approval of the Settlement on behalf of all persons employed for one or more weeks in  the Manager-in-Training,  Assistant  Manager,  Stock  Manager,  Overnight  Manager,  and  Loss Prevention Agent positions (collectively referred to herein as “AM”) in New York from May 10, 2007 to September 30, 2014; (ii) all persons employed in the AM position in Connecticut from May 7, 2012 to September 30, 2014; (iii) all persons employed in the AM position in Illinois from May 7, 2012 to September 30, 2014; (iv) all persons employed in the AM position in Maryland from May 7, 2012 to September 30, 2014; (v) all persons employed in the AM position in Massachusetts from May 7, 2012 to September 30, 2014; (vi) all persons employed in the AM position in New Jersey from May 7, 2012 to September 30, 2014; (vii) all persons employed in the AM position in Ohio from May 7, 2012 to September 30, 2014; and (viii) all persons employed in the AM position in Washington from May 7, 2012 to September 30, 2014.

On April 28, 2016, the Honorable Eric N. Vitaliano, United States District Judge for the Eastern District of New York issued an order giving final approval to a $7.8 million Settlement KL reached with Avis Budget Group, Inc, to settle claims asserted in two lawsuits that AVIS misclassified Shift Managers as exempt and failed to pay them for overtime wages for hours worked over 40, in violation of the Fair Labor Standards Act (“FLSA”).  The settlement covers 247 Shift Managers that had opted into the lawsuits.

KL was retained by the Liquidating Trust, created pursuant to the Chapter 11 Plan of Liquidation for the PTMS Liquidating Corp. that was approved by order of the United States Bankruptcy Court for the District of Delaware on July 15, 2009, to represent the Liquidating Trust concerning potential claims against General Atlantic LLC and certain of its current or former officers or partners. After extensive litigation, the Liquidation Trust’s claims were satisfactorily resolved in 2015.

The proposed settlement is for $3 million in cash and is equivalent to LIG having been purchased by General Electric Company (“GE”) or another purchaser for approximately $23 million as compared to the $14.4 million price at which it was acquired by GE.

On November 10, 2009, KL commenced suit on behalf of common shareholders of Living Independently Group, Inc. (“LIG”), against LIG, its Board of Directors, its Chief Operating Officer, and General Electric Company (“GE”) concerning GE’s acquisition of LIG without any consideration being paid to the common shareholders. On January 8, 2010, KOL filed an amended complaint which Defendants moved to dismiss. After extensive briefing and lengthy oral argument before Chancellor Chandler of the Delaware Chancery Court, Chancellor Chandler denied the motion to dismiss the principal claims alleged against LIG and the Individual Defendants but dismissed GE without prejudice to reassert claims against it based upon discovery. After extensive discovery, the parties negotiated a settlement by which a Settlement Fund consisting of $3 million in cash will be created for the benefit of the class.  A Notice describing the proposed Settlement was mailed to class members on June 7, 2013 and the Court has scheduled a hearing to consider whether to approve the proposed Settlement for August 1, 2013.

At the August 1, 2013 hearing, the Chancery Court approved the proposed Settlement and entered the proposed Final Judgment.  That Judgment became final (no longer subject to appeal) on August 31, 2013.  Checks were mailed to class members on October 2, 2013.

The Settlement provides for the exchange of up to approximately 2.5 million shares of IMH Financial Corp for $20 million face amount of 5-year notes yielding 4% per year, the issuance of up to $10 million in senior secured convertible notes maturing in June 2016 yielding 17% per annum and paying 115% of face amount at maturity, and certain corporate governance measures.

On January 31, 2012, Class Plaintiffs reached a proposed settlement of the class action challenging the terms of the conversion of the IMH Secured Loan Fund to IMH Financial, Inc. The proposed settlement was the subject of extensive confirmatory discovery and the product of challenging negotiations over the Stipulation of Settlement and all of the documents necessary to facilitate the two securities offerings provided for by the Settlement. The Stipulation of Settlement was executed on March 19, 2013 and a Notice describing the Settlement was mailed to class members on April 17, 2013 along with an Accredited Investor Status Certificate and Investor Advisory Committee Questionnaire. The Settlement Hearing was initially scheduled for June 20, 2013 but was held on July 18, 2013.  Three IMH shareholders, who objected to the Settlement, were heard by the Chancery Court, after which the Court denied the objections of two of the objectors and requested a modification of the release set forth in the proposed Final Judgment to address the claims of the third objector who has a pending individual action in Arizona.  The parties so modified the release and the Chancery Court entered the revised Final Judgment on July 26, 2013.

On August 23, 2013, the objector who has a pending action in Arizona filed a notice of appeal of the Court’s approval of the settlement with the Delaware Supreme Court.  On August 27, 2013, one of the other objectors also filed a notice of appeal.  These objectors ultimately withdrew their appeals, allowing for the Settlement to become final.