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Last updateSun, 20 Oct 2019 8pm

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    Sunday, October 20, 2019-7:09:37A.M.

     

     

     

     

     

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Settlement Fund trustee to be paid $50K for 8 months of work

THE federal court has approved the payment of $50,851.38 to Settlement Fund trustee Joyce C. H. Tang for work performed and expenses incurred from April to November 2018.

District Court for the NMI designated Judge Frances M. Tydingco-Gatewood said after reviewing the invoice, she finds the request for compensation and reimbursement of expenses to be reasonable.

Joyce Tang

“The court is satisfied with the work performed by the trustee during this time frame,” she added.

The judge said the $50,851.38 amount represented 90 percent of the trustee’s professional fees and expenses incurred from April to November 2018.

In her order, the judge also directed the Settlement Fund to hold in trust to the credit of the trustee the sum of $5,530.50. The amount represents 10 percent of the trustee’s professional fees for the time period.

She said the trustee may petition for the release of the 10 percent retainer on a quarterly basis, but it will be subject to the court’s satisfaction of the trustee’s work and any objection to the trustee’s compensation requests.

In her request for compensation and reimbursements, Tang asked for $55,305 for professional services and $1,076.88 for expenses, for a total of $56,381.88.

Tang also petitioned the court for the release of the 10 percent retainer withheld from the invoices for services rendered and expenses incurred from December 2016 to March 2018.

There being no objection to  the invoices, Judge Tydingco-Gatewood ordered the Settlement Fund to pay Tang an additional sum of $8,160.75

On Sept. 25, 2013, the federal court appointed the Civille & Tang law firm and its principal representative, attorney Joyce Tang, as trustee for the Settlement Fund.

The Settlement Fund was created by the federal court as part of the settlement between the Commonwealth government and a retiree who sued it for failing to make timely and regular payments to the NMI Retirement Fund.

The trustee will receive a remuneration at a rate of $250 an hour subject to future increase by the court upon petition by the trustee.

The trustee is required to submit monthly requests for remuneration and  a summary of time spent and expenses incurred during the month immediately preceding.

The court reviews the requests for reasonableness.