Broward County Commission Regular Meeting
Director's Name: Andrew J. Meyers
Department: County Attorney
Information
Requested Action
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MOTION TO RATIFY submission of Proof of Claim Form by the County Administrator and to authorize the County Administrator and the Chief Financial Officer to execute any document or take any administrative action necessary to preserve the County's claims under Case No. 1:19-cv-01704(JSR), a class action lawsuit filed in the United States District Court for the Southern District of New York, subject to the review and approval as to legal sufficiency by the Office of the County Attorney, and provided that an item be placed on the next available Board agenda to ratify any such action.
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Why Action is Necessary
Board approval is required to ratify execution of the Proof of Claim Form.
What Action Accomplishes
Ratifies submission of the Proof of Claim Form and allows the County Administrator to take actions that may be necessary to preserve the County's claims under the named class action suit.
Is this Action Goal Related
No
Previous Action Taken
Summary Explanation/Background
Broward County ("County") received a Notice of Pendency of Class Action, Hearing on Proposed Settlement and Attorneys' Fees Petition, and Right to Share in Net Settlement Fund ("Notice") (Exhibit 1) related to Case No. 1:19-cv-01704(JSR), a class action lawsuit filed in the United States District Court for the Southern District of New York ("Class Action Suit"). The Class Action Suit alleges that several financial institutions conspired to fix prices for unsecured government-sponsored enterprise (GSE) bonds in the secondary market. The County is a potential settlement class member in the Class Action Suit because the County has purchased GSE bonds from time to time in accordance with its investment policy.
Three (3) of the financial institutions named as defendants have proposed settlements in the Class Action Suit ("Proposed Se...
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