A Final Settlement is an agreement reached by the parties to a lawsuit, usually in writing and/or read into the record in court, settling all issues. Usually there are elements of compromise, waiver of any right to re-open or appeal the matter even if there is information found later which would change matters (such as recurrence of a problem with an injury), mutual release of any further claim by each party, a statement that neither side is admitting fault, and some action or payment by one or both sides. In short, the case is over, provided the parties do what they are supposed to do according to the final settlement's terms. With the glut of cases crowding court calendars and overwhelming the system and delays in getting to trial (due to three factors: increased criminal case load, increased litigious nature of society, and an insufficient number of judges), judges encourage attempts to settle, including mandatory settlement conferences with judges or experienced settlement attorneys present.
Certainty of settlement relates to a multilateral netting system's ability to meet Lamfalussy Standard IV, namely that such systems should, at a minimum, be capable of ensuring the timely completion of daily settlements in the event of an inability to settle by the participant with the largest single net debit position.
Settlement risk may be used to refer to the risk that the completion or settlement of individual transactions or, more typically, settlement of the interbank funds transfer system as a whole, will not take place as expected.
Settlement lags create the possibility that sending banks could fail in the meantime or at least not be able to settle their obligations when due.
The settlement claims process for the settlement of the remaining state court litigation is currently expected to be completed during the first or second quarter of 2002.
According to the settlement claims administrator, Gilardi and Co. LLC, approximately $27 million in cash insurance proceeds will also be distributed to the eligible claimants early in the first quarter of 2002 as part of the settlement.
Upon the completion of the settlement claims process in the state stockholder litigation, it is anticipated that the Company will issue approximately 310,000 additional shares of common stock to the eligible state class claimants.
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