IN RE: PORSCHE CARS NORTH AMERICA, INC. PLASTIC COOLANT TUBES PRODUCTS LIABILITY LITIGATION This Document relates to ALL ACTIONS
PRELIMINARY APPROVAL ORDER
GREGORY L. FROST, District Judge.
WHEREAS, Plaintiffs have made a motion (the "Motion") pursuant to Federal Rule of Civil Procedure 23, for an order preliminarily approving the settlement of the above captioned action (the "Action") in accordance with the Settlement Agreement and Release of Claims dated May 6, 2013, (including its exhibits, the "Agreement"), which sets forth the terms and conditions for a proposed settlement of the Action and its dismissal with prejudice;
WHEREAS, as a condition of the Agreement, Plaintiffs, on behalf of themselves individually and (upon class certification for settlement purposes only) on behalf of each of the Settlement Class Members, have agreed to release all claims as specified in Section 50 of the Agreement; and
WHEREAS, the Court has read and considered Plaintiffs' Motion, the Agreement, and all arguments and submissions related to the Motion;
NOW, THEREFORE, IT IS HEREBY ORDERED:
1. This Preliminary Approval Order incorporates by reference the definitions in the Agreement and all defined terms used herein shall have the same meanings as set forth in the Agreement.
2. The Court has subject matter jurisdiction over this Action and, for purposes of this settlement only, has personal jurisdiction over all the Parties, including all members of the Settlement Class.
3. The Court preliminarily approves the Agreement as being fair, reasonable, and adequate and within the range of possible approval, subject to consideration at the Final Fairness Hearing as set forth below in Paragraph 10.
4. For purposes of this settlement only, the Court preliminary certifies the "Settlement Class" defined as:
All persons in the United States who currently own or lease, or who previously owned or leased, a Class Vehicle. Excluded from the Settlement Class are the following: (a) officers and directors of PCNA; (b) the judge to whom this Action is assigned and any member of that judge's immediate family; (c) persons with personal injury claims; and (d) persons who have submitted a timely and valid request for exclusion from the Settlement Class.
"Class Vehicle(s)" consists of model year 2003 to 2006 Porsche Cayenne vehicles with V8 engines (all types), manufactured between January 28, 2002 and December 5, 2006.
The Court hereby finds and orders that, by not objecting to the certification of the Settlement Class for purposes of the settlement only and by taking other steps to negotiate, execute, and implement the Agreement, Defendants are not in any way waiving any rights or defenses other than as expressly set forth in the Agreement.
5. The Settlement Class is preliminarily certified pursuant to Federal Rules of Civil Procedure 23(a) and 23(b)(3), and all members of the Settlement Class shall have the right to exclude themselves by way of the opt-out procedure set forth below in Paragraph 21.
6. The Court preliminarily finds, solely for purposes of the settlement, that the Action may be maintained as a class action on behalf of the Settlement Class because: (a) the members of the Settlement Class are so numerous that joinder of all members of Settlement Class is impracticable; (b) there are questions of law and fact common to the members of the Settlement Class that predominate over any individual questions; (c) Plaintiffs' claims are typical of the claims of those members of the Settlement Class; (d) Plaintiffs and Settlement Class Counsel have fairly and adequately represented and protected the interests of ...