Broward County Commission Regular Meeting
Director's Name: Andrew J. Meyers
Department: County Attorney
Information
Requested Action
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MOTION TO AUTHORIZE County Administrator, in consultation with the County Attorney’s Office, to file a claim on behalf of the County and to execute any other documents necessary to enable the County to participate in the class action settlement in the matter styled In re Interest Rate Swaps Antitrust Litigation, Case No. 16-MD-2704 (JPO) (S.D.N.Y.).
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Why Action is Necessary
Necessary to provide authority for the referenced actions.
What Action Accomplishes
Authorizes the County Administrator, in consultation with the County Attorney’s Office, to take the referenced actions.
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☐County Commission
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Previous Action Taken
Summary Explanation/Background
A class action settlement has been preliminarily approved in In re Interest Rate Swaps Antitrust Litigation, Case No. 16-MD-2704 (JPO), pending in the U.S. District Court for the Southern District of New York. The lawsuit alleges that several global banks conspired to suppress competition in the interest rate swaps market, resulting in inflated costs to public entities.
In 2008, the County entered into an interest rate swap with Goldman Sachs Capital Markets, L.P., in connection with the Port Everglades Revenue Bonds, Series 2008. The swap remained in effect until its termination in 2019 and falls within the settlement class period of the litigation. The County appears eligible to file a claim for a pro rata share of the $71 million settlement fund in the lawsuit. Notice of the settlement was mailed to over 187,000 potential class members. The deadline to file a claim is June 16, 2025.
The proposed settlement, including information regarding the County’s potential recovery as well as the County’s rights (if any) to file a separate action, will be addressed in upcoming agenda briefings.
Source of Additional Information
Danielle W. French, Deputy County Attorney, 954-357-7600
Fiscal Impact
Fiscal Impact/Cost Summary
No costs. Any revenue received will be processed pursuant to standard County fiscal protocols.