THE District Court for the NMI designated Judge Frances M. Tydingco-Gatewood has approved and found the request for compensation and reimbursement of expenses by NMI Settlement Fund trustee Joyce C. H. Tang for the months of January to May 2025 to be reasonable.
In her order issued on June 27, Judge Tydingco-Gatewood directed the NMI Settlement Fund to pay Tang the sum of $57,265.25.
“This amount represents ninety percent (90%) of the trustee’s professional fees and all expenses incurred during the months of January to May 2025 (invoices dated February 2025 to June 2025),” the judge said.
She also ordered the NMISF to hold in trust, to the credit of the trustee, the sum of $5,924.50, “which represents ten percent (10%) of the trustee’s professional fees for this time period.”
Tang has also petitioned the court for the release of the 10% retainer withheld from her invoices for services rendered from August 2024 through December 2024.
Tydingco-Gatewood granted Tang’s request, saying, “There being no objection to said invoices and the court being satisfied with the trustee’s work, the court orders the Settlement Fund to pay the trustee the additional sum of $4,788.50.”
Background
In 2009, retiree Betty Johnson sued the CNMI government for failing to pay amounts it was required by law to remit to the NMI Retirement Fund since 2005.
Johnson warned that the fund would run out of money by June 2014 and would no longer be able to pay retirement benefits.
In September 2013, the parties agreed to settle the lawsuit, and the federal court approved a $779 million consent judgment in case the CNMI government failed to meet its obligations to the Settlement Fund.
The Settlement Fund was created by the federal court as part of the settlement between the CNMI government and retirees.
The federal court appointed Tang as Settlement Fund trustee on Sept. 25, 2013.
