Overview
IMPORTANT UPDATE: On November 19, 2009, the Court approved the Settlement. Settlement benefits will be distributed to Class Members who submitted valid and timely Claim Forms.
The Complaint in this case alleged that the GLAs signed by Plaintiff Herbert Adderley (“Adderley” or “Plaintiff”) and other retired football players promised an equal share of an escrow fund derived from revenues Players Inc. received from third-party licensees. Plaintiff Adderley further alleges that the Defendants executed several licensing agreements from which the Class should have been compensated. Plaintiff Adderley also alleges that Defendants’ failure to adequately represent those that signed GLAs is a further breach of fiduciary duty. More specifically, Plaintiff Adderley believes that the Defendants have repeatedly breached their fiduciary duties to Adderley and the Class by (i) failing to accurately report group licensing revenues to members of the Class, (ii) failing to distribute revenues to the members of the Class that should have been distributed and were owed to them; (iii) misappropriating funds that should have been paid to Adderley and the Class; and (iv) placing themselves in a position of conflict of interest and acting adversely to the interests of retired NFL players who signed a GLA.
Defendants NFLPA and Players Inc. deny all of Adderley’s allegations and deny that they engaged in any wrongdoing, or have any liability, whatsoever. However, Defendants have agreed to pay $26,250,000 to settle all claims and put an end to this litigation.
You may be entitled to money as a result of a settlement. The amount you, as a Class member, may receive depends upon factors including the number of years that you participated in the GLA program and the amount of fees, expenses, and costs approved by the Court. Under the Distribution Plan, which has been approved by the Court, it is estimated that you may be entitled to an amount of at least $1,700 and not more than $11,900. This settlement may also eliminate some of your rights to sue the National Football League Players Association (“NFLPA”) or the National Football League Players, Inc. (“Players Inc.”) in connection with your rights under a GLA.
The Class is defined as:
All retired NFL players who executed a group licensing authorization form (“GLA”) with the NFLPA that was in effect at any time between February 14, 2003 and February 14, 2007 and which contains the following language: “[T]he moneys generated by such licensing of retired player group rights will be divided between the player and an escrow account for all eligible NFLPA members who have signed a group licensing authorization form.”
If you are a Class Member and you wanted to participate in the Settlement, you must have submitted a valid Claim Form and Release postmarked on or before February 9, 2010. Settlement benefits will be distributed according to the approved Plan of Distribution to Class Members who filed timely and valid claims.
For further details, please consult the Notice.
Final Settlement Hearing
On November 19, 2009, at 2:00 p.m., at 450 Golden Gate Ave., 19th floor, before the Honorable William H. Alsup, the Court held the Final Settlement Hearing, and approved all aspects of this settlement, including the amount of the settlement payment, the rights Class members will surrender in exchange for this money, and any money to be awarded to the lawyers from the settlement payment.
| Date | Case-Related Event |
|---|---|
| October 29, 2009 [Expired] |
Objection Deadline (filed) |
| November 19, 2009 at 2:00 p.m. [Approved] |
Final Settlement Hearing |
| February 9, 2010 [Expired] |
Claim Form Postmark Deadline |