The U.S. District Court for the NMI has approved the request of the Settlement Fund trustee for compensation and reimbursement netting over $108,000.
District Court for the NMI designated judge Frances M. Tydingco-Gatewood approved last week the request of Settlement Fund trustee Joyce Tang for compensation and reimbursement for her expenses.
Tydingco-Gatewood ordered the Settlement Fund last Thursday to pay Tang $108,890.40, stating that the amount is reasonable.
The judge said the amount represents 90% of the trustee’s professional fees and all expenses incurred during the months of November 2019 through July 2020.
She also ordered the Settlement Fund to hold in trust to the credit of the trustee the sum of $11,522.25, which represents 10% of the trustee’s professional fees for this period.
Tydingco-Gatewood added Tang may petition for the release of the 10% retainer on a quarterly basis, subject to the court’s satisfaction of the trustee’s work and any objections to the trustee’s compensation requests.
The judge said objections to Tang’s request for remuneration may be made within 10 days of the order by the plaintiff, class counsel, and counsel for the CNMI government.
Tang has also petitioned for the release of the 10% retainer withheld from previous invoices during the months of May through October 2019. Since there were no objections to the invoices stated on Tang’s petition and the court being satisfied with her work, Tydingco-Gatewood ordered the Settlement Fund to pay her an additional sum of $7,397.50.
Tang also asked for her rate to be increased from $250 per hour to $350 per hour, effective June 11, 2019, which Tydingco-Gatewood also approved, stating it was reasonable, particularly because of the Fund’s positive financial status and better-than-expected investment return during this fiscal year.