Laserfiche WebLink
Consent Agenda-B.C.C. d 516 <br /> tLIVER Ofc of <br /> z INDIAN RIVER COUNTY <br /> ATTORNEY <br /> *�L(3R1�A <br /> OE <br /> Dylan Remgold,County-Attorney <br /> Wilham K. DeBraal,Deputy County Attorney <br /> Kate Ptngolt Cotner,:assistant County.Attorney <br /> I <br /> MEMORANDUM <br /> TO: ? Board of County Commissioners <br /> FROM: Dylan Reingold, County Attorney <br /> DATE: March 30, 2016 <br /> SUBJECT: In re Municipal Derivatives Antitrust Litigation Class Action Lawsuit <br /> BACKGROUND. <br /> In New York, a class action lawsuit titled In re Municipal Derivatives Antitrust Litigation is pending <br /> concerning allegations of price fixing in the sale of municipal derivative transactions by various <br /> companies (the "Litigation"). Proposed settlements have been reached with many of the companies <br /> named as defendants in the Litigation. In total, those defendants have agreed to pay $100 million for the <br /> benefit of!the plaintiff class, which includes state, local and municipal governments that purchased <br /> derivative transactions from one of the defendants or alleged co-conspirators at any time between January <br /> 1, 1992 and August 18, 2011 (the "Class"). The court in the Litigation will hold a hearing on July 8, 2016 <br /> to consider)whether the settlements are fair, reasonable and adequate to the Class. A list of the financial <br /> institutions that allegedly sold the municipal derivative transactions and the companies that allegedly <br /> brokered the sale of the municipal derivative transactions is provided in the notice of settlement. <br /> By May Ho 2016, the Indian River County Board of County Commissioners ("Board") has to decide <br /> whether to stay in the Class or exclude itself from the Class. No action is required in order to stay in the <br /> Class. If the Board decides to stay in the Class, Indian River County will have until July 28, 2016 to file a <br /> claim. The'Board also has the right to file an objection to the proposed settlement or attend the hearing on <br /> July 8, 2016. If the Board decides to stay in the Class, the Board will relinquish its right to file a lawsuit <br /> concerning the issues and claims at stake in the Litigation. <br /> Indian River Co. A proved Date <br /> Approved for Apri15, 2016 BCC Meeting Admin. 3 <br /> Consent Agenda Co.Atty. <br /> f ' Budget <br /> vDe artment - - - <br /> COUNTY ATTORNEY Risk Management --- --- <br /> F-W ,3VM.!GE%ERAL1B C C1.4g,.d.A1a 1A1..dc-1 Llir.vrA-A.mw Ling—d- 58 <br />