URGENT Your Fellow First Responders Need Your Help Now
We are writing this email to all of our clients to let them know of a provision in the Settlement Process Agreement (“SPA”) that may require the defendants to pay more money to you and your fellow responders. If 100% of the plaintiffs accept the settlement and sign releases, responders will get a hefty 10% more in the settlement, which would amount to over 62.5 million additional dollars. However, each opt-out reduces this potential additional payment. The amount of the potential settlement shrinks with each and every opt-out, so every opt-out reduces the total size of the overall settlement.
The relevant language from the Settlement Process Agreement says:
“[I]f during the Opt-In Period or any extension hereof by the WTC Captive, actual opt-in experience for purposes of Section VI.D.i of this Agreement exceeds ninety-five percent (95%), the WTC Captive shall pay two percent (2%) of the Settlement Amount set forth in Section II.A of this Agreement for every one percent (1%) in excess of the ninety-five percent (95%) requirement in Section VI.D.i of this Agreement.”
Plaintiffs who opt out of the settlement may cost their fellow first responders compensation above the basic settlement amount of $625 million. The additional 10 percent ($62.5 million) that is available if everyone settles belongs in your hands and in the hands of your fellow first responders, the heroes who put New York City back on its feet. This money should not stay in the hands of the Defendants or the WTC Captive. But that is where it will stay if too many plaintiffs opt out of the settlement. The more of you that accept, the less chance the Defendants will keep the money! So every vote counts. Even Tier 1 opt outs count against your fellow first responders. Make your vote count for all of your fellow first responders.
As you know, if 95 percent of you accept, the $625 million settlement will take effect. But your fellow first responders deserve more and the settlement agreement allows for more! Every 1 percent above 95 percent brings in an additional $12.5 million. The opt-in period is almost over -- fewer than 30 days are left until the deadline. We urge you to come to either our New York City or Long Island office tomorrow with your settlement paperwork. We will be happy to meet with you and answer any questions, address any concerns, and assist you with filling out the paperwork. Do not let the WTC Captive keep money that the first responders could get. Make your vote count.
Please come to our office today with your paperwork.
*** This communication has been approved by Court appointed legal ethicist Professor Roy D. Simon, Esq. ***
