Estakhrian Litigation Settlement
Estakhrian Litigation Settlement
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The information contained on this web page is only a summary of information presented in more detail in the Notice of Class Action Settlement (the “Notice”), which you can access by clicking here.  Since this website is just a summary, you should review the Notice for additional details.

UPDATE 2/10/17: The Court has issued two recent orders in this matter. The first order denies Defendant's Motion for Summary Judgment/ Adjudication of Issue with an extensive analysis. The second order approves Plaintiffs' Motion for Class Certification also with extensive analysis.  These documents can be found on the Court Documents page of this website.   

UPDATE 10/24/16:  On October 24, 2016, the Court granted final approval of the Settlement.  Following the expiration of the time to appeal the Court's entry of the Final Approval Order and receipt of the settlement payment from the K&S Defendants, distribution will be made to eligible Class members.  

If no appeals are filed, it is anticipated that distributions will occur in approximately 60 days. Please check this website for further updates.

Please read all of the Notice carefully.  Your rights will be affected by the legal proceedings in this Litigation.  Whether you act or do not act, if the Court approves the proposed settlement, then you will be forever barred from contesting the fairness of the proposed settlement or pursuing the released claims.


YOUR RIGHTS AND OPTIONS REGARDING THE SETTLEMENT

DO NOTHING AND BE SENT A CHECK FOR YOUR SHARE OF THE SETTLEMENT AWARD

Do nothing. Automatically be sent your settlement award. Release your claims against Defendants King & Spalding LLP and Benjamin Easterlin IV. See Sections 21-22 of the Notice for more information about your settlement award. See Section 23 of the Notice for more information about the release.

REQUEST TO BE EXCLUDED FROM THE SETTLEMENT

Ask to be excluded. Get no payment from the settlement. Retain the right to file your own lawsuit for the same claims. See Section 11 of the Notice.

Deadline to request to be excluded from the settlement is no later than April 15, 2016.

OBJECT TO THE TERMS OF THE SETTLEMENT

File an objection that the settlement is unfair or inadequate.  See Section 12 of the Notice. 

Deadline to file an objection to the terms of the settlement is no later than April 15, 2016.

FINAL SETTLEMENT HEARING

June 14, 2016, at 10:00 a.m.

United States District Court for the Central District of California
312 North Spring Street, Courtroom 22
Los Angeles, CA  90012

 

A proposed settlement has been reached with two of the defendants in the class action lawsuit, Estakhrian v. Obenstine, et al., Case No. CV 11-3480 FMO (CWX), pending in the United States District Court for the Central District of California (the “Lawsuit”). You are a Class Member in this Lawsuit if you were a class member in a previous, related litigation and did not opt out.

What Is This Settlement About?

The settlement resolves a class action lawsuit against King & Spalding LLP and Benjamin F. Easterlin IV, a partner in the firm (together, “K&S Defendants”) alleging that the K&S Defendants breached their fiduciary duties and committed malpractice in representing a class of individuals who put earnest money deposits toward the purchase of units in the Cosmopolitan Resort and Casino Las Vegas. This class of individuals received only a partial refund of their deposit through a class action lawsuit filed on their behalf by the remaining defendants Mark Obenstine, Terry Coffing, and Marquis & Aurbach P.C., against Nevada Property 1, entitled Daniel Watt, et al. v. Nevada Property 1, LLC, et al., Nevada District Court, Case No. A582541. Plaintiffs contend the K&S Defendants acted as attorneys for the class in the Watt action. The K&S Defendants deny all of these allegations.  The Court has not ruled on the allegations.

What Does the Proposed Settlement Provide?

A Settlement Fund totaling $4,625,000 will be established further to the Settlement. After payment of costs of administration, a Class Representative Service Award, and attorneys’ fees and costs, all as may be approved by the Court, the net Settlement Fund will be distributed to all participating Class Members in proportion to each Class Member’s total alleged damages as estimated by Plaintiffs.

What Are My Legal Rights?

·         You can stay in the Class and receive payment from the Settlement; no further action is required.

·         If you do not want to be a member of the Class, you must request to be excluded from the settlement no later than April 15, 2016.

·         You can file an objection to the terms of the proposed Settlement, if you do not exclude yourself.  You must file an objection with the Court no later than April 15, 2016.

 

The detailed Notice explains how to exclude yourself or object. It also explains what rights you are giving up if you stay in the Class. The Notice can be viewed by  clicking here.

Will the Court Approve the Proposed Settlement?

The Court will hold a Final Settlement Hearing before Hon. Fernando M. Olguin in Courtroom 22 of the United States District Court for the Central District of California, located at 312 North Spring Street, Los Angeles, CA 90012 on June 14, 2016 at 10:00 a.m. to consider whether the proposed Settlement is fair, reasonable, and adequate, the motion for attorneys’ fees, costs, and expenses, and payment of incentive awards to Plaintiffs as class representatives.  If comments or objections have been received, the Court will consider them at that time.

Further Information

This website and the Notice summarize the proposed settlement.  For more details regarding the proposed settlement, please reference the Settlement Agreement, or other documents filed in the case under the “Court Documents” link on the left.  You may also contact the Settlement Administrator or Class Counsel for further information regarding this Settlement as follows:

 


 

Settlement Administrator:

Estakhrian Litigation Settlement
c/o A.B. Data, Inc.
P.O. Box 170500
Milwaukee, WI 53217
1-866-778-6568
info@cosmo2016settlement.com

  Class Counsel:

Irvine Law Group, LLC,
S. Ron Alikani
7700 Irvine Center Drive, Suite 800<
Irvine, California 92618
1-949-653-6153
ralikani@irvinelawgroup.com

Mehri & Skalet, PLLC
Steven A. Skalet
1250 Connecticut Avenue, NW Suite 300
Washington, DC  20036
1-202-822-5100
sskalet@findjustice.com

 

Fay Law Group, PLLC
Raymond C. Fay
1250 Connecticut Ave, NW Suite 200
Washington, DC 20036
1-202-263-4604
rfay@faylawdc.com

 

Chavez & Gertler, LLP
Mark A. Chavez
42 Miller Avenue
Mill Valley, CA 94941
1-415-381-5599
mark@chavezgertler.com


 


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