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McNulty also found, contrary to Margolis’ claims, that the settlement’s release was not overbroad.
McNulty said other evaluative factors, such as the likely cost of further litigation, all favored approval.
Margolis will appeal, says her lawyer, Patrick Perotti of Dworkin & Bernstein in Painesville, Ohio.
“When you have millions of dollars in insurance coverage that is not being accessed…the settlement cannot be reasonable,” Perotti says.
Andrew Friedman of Cohen Milstein in Washington, D.C., class counsel in Sabol, calls it “a good settlement…in light of the circumstances.”
It was challenging “trying to get compensation for a class that was difficult to certify, from a defendant that was not financially strong,” Friedman says.
Michael Lynch of Kelley Drye in New York, the defendants’ counsel, calls it a “very, very fair settlement.”
He adds, “The court, we think, got this exactly right.”