HomeMy WebLinkAboutReso 4692-1967RESOLUTION NO. 4692
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION RATIFYING, AFFIRMING AND APPROVING MEMO-
RANDUMOF UNDERSTANDING FOR SETTLEMENT OF WEST COAST
PIPE CASES BETWEEN ALL PLAINTIFFS AND CERTAIN DEFEND-
ANTS DATED MAY 5, 1967.
WHEREAS:
1. The City of South San Francisco, a municipal cor-
poration (hereinafter referred to as "this entity") is a
plaintiff in one or more antitrust damage actions generally
described as the West Coast Pipe Cases.
2. On May 5, 1967, a written "Memorandum of Understand-
ing for Settlement of West Coast Pipe Cases Between Ail Plain-
tiffs and Certain Defendants" was entered into by counsel for
plaintiffs in said cases and counsel for defendants United
States Steel Corporation, Kaiser Steel Corporation, Martin-
Marietta Corporation, U. S. Industries, Inc., United Concrete
Pipe Corporation and Smith-Scott Co., Inc., hereinafter col-
lectively referred to as "Settling Defendants," a copy of
said Memorandum of Understanding being on file in the office
of this entity.
3. Said Memorandum of Understanding provides for pay-
ment to the designated Agent for all plaintiffs of the sum
of $21,275,000, of which sum $18,587,500 is to be paid in
cash on the closing of the settlement and $2,687,500 is to
be represented by installment promissory notes of U. S.
Industries, Inc., and United Concrete Pipe Corporation.
4. TRUST DEPARTMENT, BANK OF AMERICA, NT & SA,
300 Montgomery Street, San Francisco, California 94102, has
been designated by plaintiffs as their Agent under said
Memorandum of Understanding.
5. In order to consummate the compromise and settle-
ment provided for in said Memorandum of Understanding,
it is necessary that each plaintiff (i) ratify, affirm and
approve said Memorandum of Understanding and the compromise
and settlement provided for thereby, (ii) authorize the pay-
ment and delivery by Settling Defendants to plaintiffs' Agent
of the net settlement amount on a lump sum basis, without
responsibility on the part of Settling Defendants for the
allocation or distribution of such settlement amount as among
the plaintiffs, and (iii) authorize the execution and delivery
of a Covenant Not to Sue, dismissals of the pending actions,
and such other 'writings and the taking of such other action
as is required in order to effectuate said compromise and
settlement.
6. Acceptance of the compromise and settlement
provided for in said Memorandum of Understanding is in the
best interests of this entity.
NOW, THEREFORE, BE IT RESOLVED by the governing
body of this entity as follows:
i. Said Memorandum of Understanding for Settlement
of West Coast Pipe Cases Between Ail Plaintiffs and Certain
Defendants dated May 5, 1967, and the compromise and settle-
ment provided for thereby, are hereby ratified, affirmed and
approved.
2. The designation of TRUST DEPARTMENT, BANK OF
AMERICA, NT & SA~ 300 Montgomery Street, San Francisco,
California 94Z02~ as Agent for all plaintiffs is hereby
ratified~ affirmed and approved.
3. Payment and delivery by the Settling Defendants
to plaintiffs' Agent of the settlement amount of $21,275,000
represented by the cash amount and the notes hereinabove
referred so, 'without responsibility on the part of Settling
Defendants for the allocation or distribution of said
settlement amount as among plaintiffs~ are hereby authorized
and approved.
4. The President or Vice President (or equivalent
officers) and Secretary or Assistant Secretary (or equivalent
officers) of this entity are hereby directed, authorized and
empowered to execute and deliver~ on behalf of this entity,
as its act and deed, and under its seal, a Covenant Not to
Sue in the form attached hereto as Exhibit A.
5. Counsel of record in said damage actions for
this entity are hereby directed~ authorized and empowered,
on its behalf and as its act and deed, to execute, deliver
and file dismissals in such form as may be agreed to pursuant
to said Memorandum of Understanding, to execute and deliver
such other writings, and to take any.and all other action
which may be required of this entity in order to effectuate
and consummate the compromise and settlement provided for in
said Memorandum of Understanding.
CERTIFI CATE
The undersigned hereby certifies that he is the duly
City Clerk
elected, qualified and acting (insert title of certifying officer)
of the entity named above and that the attached and foregoing'
is a full, true and correct copy of a resolution duly and
regularly adopted by the City Council
~(insert name of boara of governing body)
thereof a~ a meeting duly and regularly called, noticed and
held on vhe 19th day of June , 1967, at which a quorum was
present; and that said resolution has not been altered or
amended and is still in full force and effect.
IN WITNESS WHEREOF~ the undersigned has hereunto
set his hand and affixed the official seal of said entity
this i~ da~~, 1967.
'(insert signature of c~ ~z~'ying officer)
(inset ti~ie of certifying officer)
(APPiX SEAL)