HomeMy WebLinkAboutMINUTES - 02122013 - C.11RECOMMENDATION(S):
RECEIVE public report of litigation settlement agreements that became final during the period of January 1, 2013
through January 31, 2013, as recommended by County Counsel.
FISCAL IMPACT:
Settlement amounts are listed below.
BACKGROUND:
One agreement to settle pending litigation, as defined in Government Code section 54956.9, became final during the
period of January 1, 2013 through January 31, 2013.
County of Contra Costa v. Bank of America, N.A., et al, (In re Municipal Derivatives Litigation – Case No. MDL
1950 (S.D.N.Y.)). This is a consolidated case involving numerous public agencies and financial institutions
concerning allegations the financial institutions rigged bids and/or fixed prices in connection with yields paid on
municipal derivative investments. Under a settlement reached between JP Morgan Chase and various state Attorneys
General, Chase agreed to pay $65.5 million in total restitution to public entities. Under the settlement, Chase will pay
Contra Costa County $187,828 in exchange for the County terminating
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 02/12/2013 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I Supervisor
Candace Andersen, District II
Supervisor
Mary N. Piepho, District III
Supervisor
Karen Mitchoff, District IV
Supervisor
Federal D. Glover, District V
Supervisor
Contact: Thomas Geiger,
335-1800
I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board
of Supervisors on the date shown.
ATTESTED: February 12, 2013
David Twa, County Administrator and Clerk of the Board of Supervisors
By: STACEY M. BOYD, Deputy
cc: Thomas Geiger, Supervising Deputy County Counsel, Sharon Hymes-Offord, Risk Manager
C. 11
To:Board of Supervisors
From:Sharon L. Anderson, County Counsel
Date:February 12, 2013
Contra
Costa
County
Subject:Public report of litigation settlement agreements that became final during the period of January 1, 2013 through
January 31, 2013.
BACKGROUND: (CONT'D)
its lawsuit against Chase. The Board of Supervisors authorized settlement on July 24, 2012 in closed session, by a
3-0 vote, Supervisors Gioia and Andersen absent. The settlement became final on January 14, 2013.
This report includes final settlements of litigation matters handled by the Office of the County Counsel. This report
does not include litigation settlements that were reported by the Risk Management Division of the County
Administrator’s Office as a consent item on the Board’s open session agenda.
CONSEQUENCE OF NEGATIVE ACTION:
The report would not be accepted.
CHILDREN'S IMPACT STATEMENT:
Not applicable.