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06-1006 - Chao v. Azon Employees Retirement Plan

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06-1006 - Chao v. Azon Employees Retirement Plan
December 4, 2007
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ORDER granting Plaintiff's 7 Motion for Default Judgment. The Court Orders Jacqueline M. Carmichael is appointed as the Independent Fiduciary of the defendant Plan with authority to administer Defendant Plan and, if necessary, implement its orderly termination. Ms. Carmichael shall have and exercise full authority and control with respect to the management/disposition of the assets of Defendant Plan. She shall have all powers to do the things that are necessary and appropriate to administer/terminate Defendant plan, and shall develop a plan for equitable adjudication and payment of benefits. Ms. Carmichael shall not be bound by any current or historic procedures or policies of Defendant Plan which conflict with her duties under ERISA, she is empowered to require T. Rowe Price to deliver or otherwise make available to her any information, documents files or other compilations, that are reasonably necessary to perform her duties. She is empowered to give instructions to T. Rowe Price respecting the disposition of assets of Defendant Plan that T. Rowe Prices holds and shall distribute or cause to distribute the assets of Defendant Plan. Upon completing such distribution, Ms. Carmichael shall terminate Defendant Plan. Within 20 days of the date of this Order, Ms. Carmichael shall submit to this Court for approval her schedule of anticipated fees/expenses for this matter with copies to be sent to all parties. Ms. Carmichael may retain such assistance as she may reasonably require, and that payment of administrative expenses and fees to Ms. Carmichael, other necessary assistance, shall be considered priority administrative expenses of Defendant Plan superior to any other class of expense or obligation; second priority shall be the payment of legitimate claims on Defendant Plan. Ms. Carmichael shall not be held personally responsible for any claims against Defendant Plan which existed, arose, matured or vested prior to her appointment. Upon approval by the Court of Ms. Carmichael's anticipated fees/expenses, this matter shall be deemed closed. Ms. Carmichael shall obtain a bond pursuant to ERISA. Defendant Plan may pay for the cost of the bond. Nothing in this Order shall be construed in derogation of the Court's authority over Ms. Carmichael's actions. Signed by Judge Frederick J. Scullin Jr. on 12/4/07. (mnm) Non-elec parties served via USPS.
January 14, 2008
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ORDER: approving the proposed fee of $6,000.00 for the appointed Independent Fiduciary, Jacqueline M. Carmichael, therefore pursuant to the # 8 Order on the Motion for Default Judgment and this # 9 Order approving expenses and fees, the Clerk shall draft judgment and close this case. Signed by Judge Frederick J. Scullin Jr. on 1/14/08. (jmb)
January 15, 2008
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JUDGMENT: in favor of Elaine L. Chao against Azon Employees Retirement Plan. Issued by Deputy Clerk: Joanne Bleskoski. (jmb)