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I received this email from TS Today this morning...
: : :RCI Fairness Hearing Update : : :
Judge reserves decision - Requires additional briefs
A three hour Fairness Hearing on June 16th, in US District Court in Newark, NJ, ended with Judge Peter G. Sheridan reserving his decision regarding the proposed settlement agreement in the RCI Weeks Class Action lawsuit and requiring the attorneys to submit briefs relative to the adequacy of the notice provided to the members of the class.
After the Judge heard statements from the attorneys as to why they felt the agreement was appropriate and should be accepted, he listened to statements from three objectors to the settlement. Shep Altshuler, TimeSharing Today's publisher, explained that the notices published in Endless Vacation and USA were inadequate, primarily because of the low level of response received from 1.5 million RCI members. Susan Collins made a thorough presentation of the inadequacies in the terms of the settlement agreement and the settlement notice. She raised concerns about RCI's business and marketing practices and covered all of the points in her communications as published by TimeSharing Today. The Judge acknowledged that he had received the objections of TimeSharing Today's readers that were submitted by Ms. Collins, totaling over 100. He commented that it was substantial in comparison to other Class Action proceedings over which he has presided. Carolyn Lindholm, an avid timeshare owner and member of a large owners group in New York, stated her concerns about the growing unavailability of exchanges, the potential problems with the settlement agreement, the notice to members and RCI's business practices.
The Judge paid close attention to all the details of each statement. He asked pertinent questions, expressed concerns about the two year limit of the settlement agreement, saying that it could result in having to deal with the same issues again in two years. He also questioned the value of the compensation to the members in relation to the $4 million in fees being asked by the Plaintiffs' attorneys.
No one can predict what the judge's decision will be. However, the statements by the objectors were well presented and the substantial volume of email from TimeSharing Today readers did, unquestionably, effectively serve the interests of the members of the class by showing the importance of having a better settlement. As soon as the results become available, we will publish another TimeSharing Today eNews edition.
From the publishers
It is apparent, from what is transpiring in the RCI Class Action Lawsuit, that getting the news to our readers faster and more often is not only necessary, it is vital.
TimeSharing Today played a key role in the Fairness Hearing because our articles brought Susan Collins and Carolyn Lindholm to the hearing. While Shep Altshuler spoke, their presence provided significant insights that the Court would not have otherwise been aware of. In addition, your responses were absolutely invaluable in having the judge reserve his decision. Pure and simple: This time, the voice of the owner was heard.
Timeshare ownership is a wonderful way to enjoy vacations. But, these are critical times. What affects one owner, affects all owners. We must stay on top of emerging issues to help stem and cure abuses. As a voice and an advocate for the owners, TimeSharing Today intends to act quickly and effectively. We are going to accomplish this by implementing a new eNews service. Our goal is three-fold. Publish TimeSharing Today eNews on a weekly basis, send important eNews Alerts as they occur and take action whenever possible. The cost of membership in this new enhanced service will be nominal. To be successful, we will need your support and participation by joining, speaking out and responding when a call to action is necessary.
: : :RCI Fairness Hearing Update : : :
Judge reserves decision - Requires additional briefs
A three hour Fairness Hearing on June 16th, in US District Court in Newark, NJ, ended with Judge Peter G. Sheridan reserving his decision regarding the proposed settlement agreement in the RCI Weeks Class Action lawsuit and requiring the attorneys to submit briefs relative to the adequacy of the notice provided to the members of the class.
After the Judge heard statements from the attorneys as to why they felt the agreement was appropriate and should be accepted, he listened to statements from three objectors to the settlement. Shep Altshuler, TimeSharing Today's publisher, explained that the notices published in Endless Vacation and USA were inadequate, primarily because of the low level of response received from 1.5 million RCI members. Susan Collins made a thorough presentation of the inadequacies in the terms of the settlement agreement and the settlement notice. She raised concerns about RCI's business and marketing practices and covered all of the points in her communications as published by TimeSharing Today. The Judge acknowledged that he had received the objections of TimeSharing Today's readers that were submitted by Ms. Collins, totaling over 100. He commented that it was substantial in comparison to other Class Action proceedings over which he has presided. Carolyn Lindholm, an avid timeshare owner and member of a large owners group in New York, stated her concerns about the growing unavailability of exchanges, the potential problems with the settlement agreement, the notice to members and RCI's business practices.
The Judge paid close attention to all the details of each statement. He asked pertinent questions, expressed concerns about the two year limit of the settlement agreement, saying that it could result in having to deal with the same issues again in two years. He also questioned the value of the compensation to the members in relation to the $4 million in fees being asked by the Plaintiffs' attorneys.
No one can predict what the judge's decision will be. However, the statements by the objectors were well presented and the substantial volume of email from TimeSharing Today readers did, unquestionably, effectively serve the interests of the members of the class by showing the importance of having a better settlement. As soon as the results become available, we will publish another TimeSharing Today eNews edition.
From the publishers
It is apparent, from what is transpiring in the RCI Class Action Lawsuit, that getting the news to our readers faster and more often is not only necessary, it is vital.
TimeSharing Today played a key role in the Fairness Hearing because our articles brought Susan Collins and Carolyn Lindholm to the hearing. While Shep Altshuler spoke, their presence provided significant insights that the Court would not have otherwise been aware of. In addition, your responses were absolutely invaluable in having the judge reserve his decision. Pure and simple: This time, the voice of the owner was heard.
Timeshare ownership is a wonderful way to enjoy vacations. But, these are critical times. What affects one owner, affects all owners. We must stay on top of emerging issues to help stem and cure abuses. As a voice and an advocate for the owners, TimeSharing Today intends to act quickly and effectively. We are going to accomplish this by implementing a new eNews service. Our goal is three-fold. Publish TimeSharing Today eNews on a weekly basis, send important eNews Alerts as they occur and take action whenever possible. The cost of membership in this new enhanced service will be nominal. To be successful, we will need your support and participation by joining, speaking out and responding when a call to action is necessary.
(Almost like the way RCI treats us.
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