On August 7, 2007, the parties mediated this case before respected class action mediator Mark Rudy, resulting in a settlement of the entire case. We are not reporting the settlement amount until the application for preliminary court approval has been submitted. The parties have signed a written memorandum of understanding (MOU) and are currently working on a final agreement.
In anticipation of completing the agreement this month, we have reserved a hearing date of November 28, 2007 for the court to give preliminary approval to the settlement. Once the court preliminarily approves the settlement, notices will be sent to all eligible class members. Unlike many other settlements, in this case, class members will not be required to submit proofs of claim in order to participate in the settlement. Any class member who desires not to participate in the settlement can opt out of the deal, and any class member who disagrees with the settlement will have the right to object to its terms and have their objection heard by the Orange County Superior Court.
