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Pennsylvania Pub. Sch. Emps. Ret. Sys. v. Bank of America Corp.

Gibraltar Holding Firm Already Party for Purpose of Appealing Order; Intervention Denied

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  MEMORANDUM & ORDER Gaia Holdings Ltd. (“Gaia”) moves to intervene in this class action and to extend its time to file a notice of appeal of this Court’s October 12, 2018 Order (ECF No. 385 (the “October 12 Order”)) pursuant to Rule 4(a)(5) of the Federal Rules of Appellate Procedure. For the reasons that follow, Gaia’s motion to intervene is denied as moot and its motion to extend the time to file a notice of appeal is denied.BACKGROUNDThis Court’s preliminary approval order fixed November 14, 2016 as the deadline for filing proofs of claim in this action. (ECF No. 338.) The claims administrator received 399,627 proofs of claim on or before the filing deadline. Gaia, an investment holdings company located in Gibraltar with no office or registered agents in the United States, submitted its $1.4 million claim on June 27, 2017 — more than seven months after the deadline set by this Court. (Declaration of Edward J. Radetich, Jr. in Response to Gaia’s Motion to Extend Time to File Notice of Appeal, ECF No. 401-1 (“Radetich Decl.”) 3.) Its claim was one of approximately 3,000 late-filed, but otherwise valid claims.On October 12, 2018, this Court ratified the claims administrator’s determinations on all valid, timely claims and denied all late-filed claims. That denial stemmed in part from the fact that the funds available for distribution to the class were insufficient to pay all the recognized losses for timely claims. (Declaration of Edward J. Radetich, Jr. in Support of Lead Counsel’s Motion for Partial Distribution of the Net Settlement Fund, ECF No. 383,

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