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IN RE AUCTION HOUSES ANTITRUST LITIGATION

United States District Court, S.D. New York


January 5, 2005.

IN RE AUCTION HOUSES ANTITRUST LITIGATION. This Document Relates to: All Cases.

The opinion of the court was delivered by: LEWIS KAPLAN, District Judge

ORDER

Magistrate Judge Ronald L. Ellis has issued a report and recommendation that recommends that Lead Counsel's motion for authority to finalize distribution of settlement proceeds, and to allocate funds to late filed claims on a pro rata basis be granted except that the claims of N.B.S. Diamonds and Mouawad Group be treated as timely filed, Louis Glick & Company ("Glick") objects insofar as Judge Ellis did not recommend that Glick's late claim be treated as timely filed. Glick's arguments lack merit.

First, Judge Ellis did not err in concluding that Glick had failed adequately to explain why it failed to submit a complete and timely claim.

  Second, even if Judge Ellis did explicitly balance the Pioneer factors, this Court has done so de novo. While the delay here was not excessive and no one questions Glick's good faith, it is difficult to see why the recoveries of other class members should be reduced to make up for the fact that Glick was insufficiently attentive to its business to submit a complete and timely supplemental claim form, especially in the absence of a persuasive reason for its failure.

  Finally, denial of Glick's claim is not inconsistent with the allowance of that of Mouawad. Mouawad is a foreign entity to which the presumption of receipt following mailing does not apply, and it is "a vast organization with multiple offices in different countries." (R&R at 14)

  Accordingly, the Court adopts the report and recommendation and disposes of Lead Counsel's motion accordingly.

  SO ORDERED.

20050105

© 1992-2005 VersusLaw Inc.



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