Two agreements to settle pending litigation, as defined in Government Code section 54956.9, became final during the period of March 1, 2018, through May 31, 2018.
Ambac Bond Insurance Cases, S.F. Superior Court Case No. CJC-08-004555 (JCP 4555). On December 12, 2017, the Board approved settlement of this lawsuit involving bond insurance credit ratings. The County’s share of a settlement among multiple plaintiffs with defendants MBIA, Inc., MBIA Insurance Corp., National Public Finance Guarantee Corp., and Jason Kissane is $38,494.46. Settlement was authorized in closed session by a 5-0 vote. The settlement agreement was fully executed on March 12, 2018.
In re Fox Ortega Enterprises, Inc., dba Premier Cru, U.S. Bankruptcy Court Case No. 16-40050-WJL (N.D. Cal.). On April 17, 2018, the Board approved settlement of this bankruptcy case involving the use of a debtor corporation’s assets for payment of residential property taxes. The Board authorized the County Auditor to pay $20,721 to the bankruptcy trustee to settle the case. Approximately $1,985 of this amount will come from the County General Fund, with the remaining amount allocated among local government entities. Settlement was authorized in closed session by a 5-0 vote. The settlement agreement became final on April 30, 2018.
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.
The report would not be accepted.