VIDEO: CNMI Retirement Fund Assets Now Protected by the Federal Court

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Guam – The global settlement agreement in Betty Johnson’s class action against the CNMI government and the NMI Retirement Fund was finally approved Monday by the U.S. District Court for the NMI.

The Saipan Tribune reports that U.S. District Court for the NMI designated judge Frances Tydingco-Gatewood issued the approval after finding the settlement agreement to be “fair, reasonable and adequate” during a hearing that lasted over five hours.

Under the settlement agreement, the CNMI government agrees to make annual payments that will enable the settlement fund to at least 75 percent of class members’ benefits.

With the final approval, all Fund assets will be transferred and assigned as assets of the settlement fund and will be administered by the newly appointed trustee, attorney Joyce Tang of the Civille & Tang law firm of Guam.

Wednesday, October 02, 2013
Fund settlement accord OK’d

U.S. District Court for the NMI designated judge Frances Tydingco-Gatewood gave final approval yesterday to the global settlement agreement in Betty Johnson’s class action against the CNMI government and the NMI Retirement Fund.

Tydingco-Gatewood issued the approval after finding the settlement agreement to be “fair, reasonable and adequate” during a hearing that lasted over five hours. Tinian and Rota participated in the hearing via video teleconference.

“It is ordered. So it is over!” the beaming judge said shortly after she announced her rulings.

Under the settlement agreement, the CNMI government agrees to make annual payments that will enable the settlement fund to at least 75 percent of class members’ benefits.