NEW YORK, April 23, 2012 /PRNewswire/ -- The following statement is being issued by Labaton Sucarow LLP; Whatley Drake & Kallas, LLC and O'Melveny & Myers LLP regarding a settlement reached in the class action lawsuit pending in the United States District Court for the Southern District of New York known as Fishbein, et al. v. All Market Inc. d/b/a Vita Coco, Case No. 11-CIV-5580 (JPO).
LEGAL NOTICE OF SETTLEMENT
If you purchased Vita Coco Products between August 10, 2007 and the present you may be entitled to a payment from a class action settlement.
Para informacion en espanol, llame gratis al 1 (855) 375-3055.
A settlement, set forth in a Stipulation of Settlement ("Stipulation") between the Parties, has been reached in a class action lawsuit about whether All Market Inc. (d/b/a Vita Coco) ("Vita Coco") misrepresented the health benefits and nutritional content of its Vita Coco Products, which are defined in the Stipulation to mean "all coconut water products, regardless of product line, flavor, and/or unit size, marketed and sold by Vita Coco in the United States." Vita Coco denies it did anything wrong. The settlement will provide Settlement Class Members (as defined below) who timely submit a valid Claim Form (as defined in the Stipulation) with the option of receiving a cash payment or product voucher. If you are a Settlement Class Member, you may send in a Claim Form to receive a cash payment or a product voucher. Claim Forms can be obtained at www.vitacocosettlement.com. A federal court authorized this notice. Before any money is paid, the Court will have a hearing to decide whether to approve the settlement.
Am I a Settlement Class Member?
You're a Settlement Class Member if you purchased Vita Coco Products between August 10, 2007 and the present. Excluded from the Settlement Class are: (a) Vita Coco's employees, officers, directors, agents, and representatives; (b) those who purchased Vita Coco Products for the purpose of re-sale; (c) all federal judges who have presided over this case; and (d) all Persons (as defined in the Stipulation) who have been properly excluded from the Settlement Class.
What Does the Settlement Provide?
Vita Coco agreed to a cash settlement of $1 million (the "Cash Settlement Fund"), which will provide for payments to Settlement Class Members who timely file claims of up to a maximum of $25.00 with Proof of Purchase (as defined in the Stipulation) and $6.00 without Proof of Purchase. Vita Coco has agreed to provide $1 million current retail value in product vouchers, which can be redeemed by Settlement Class Members who timely file claims in lieu of cash up to a maximum of $36.00 with Proof of Purchase or $8.00 without Proof of Purchase. Vita Coco also agreed to institute a program that will change the labels and advertising of its Vita Coco Products and that will increase the quality control of its Vita Coco Products. Vita Coco has agreed to pay no less than $4 million implementing this program over a five year period. Vita Coco also agreed to distribute Vita Coco Products with a current retail value of $3 million to charitable organizations that promote healthy living (at a level of $1 million in retail value of product each year).
What are my options?
To ask for a payment or product voucher and remain in the Settlement Class, you must mail a Claim Form or submit a completed Claim Form online by July 23, 2012. If you do not wish to participate in the settlement, you may exclude yourself from the Settlement Class by July 23, 2012, or you may stay in the Settlement Class and object to the settlement by July 23, 2012. Visit www.vitacocosettlement.com or call 1-855-375-3055 for important information about the settlement, your rights and how to file a Claim Form for payment.
The Court will hold a hearing on August 22, 2012 at 2:30 p.m. to consider whether to grant final approval of the settlement and whether to grant Class Counsel's (as defined in the Stipulation) request for attorneys' fees, reimbursement of expenses and incentive awards for class representatives. Class Counsel will apply to the Court for their fees and expenses not to exceed a total of $750,000 subject to the terms of the Stipulation. Class Counsel will also request that the Court approve Vita Coco's payment of an "incentive award" of $2,000 to each of the four class representatives. Vita Coco will not oppose these requests. All fees and expenses awarded to Class Counsel and incentive awards awarded to class representatives will be paid by Vita Coco in addition to the $1 million Cash Settlement Fund and will therefore have no effect on the Cash Settlement Fund or the other relief provided by the Stipulation.
For more information, go to www.vitacocosettlement.com
Or Call 1-855-375-3055
CLAIM FORMS MUST BE POSTMARKED OR SUBMITTED ONLINE BY July 23, 2012.
SOURCE Labaton Sucharow LLP; O'Melveny & Myers LLP; Whatley Drake & Kallas, LLC