HomeMy WebLinkAboutCity Council - 2590 RESOLUTION N0. 2590
A RESOLUTION OF THE COUNCIL OF HUNTINGTON BEACH APPROV-
ING SETTLEMENT OF THE WEST COAST PIPE CASES AND RATIFY-
ING COMPROMISE AND SETTLEMENT PROVIDED BY THE MEMORANDUM
OF UNDERSTANDING AND AUTHORIZING THE SIGNING OF THE
COVENANT NOT TO SUE AND -OTHER ACTS ,
WHEREAS:
1. THE CITY OF HUNTINGTON BEACH, 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
Understanding for Settlement of West Coast Pipe Cases
Between All Plaintiffs 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 collectively 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 payment 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 AMERICAN, NT & SA,
300 Montgomery Street, San Francisco, California, 94102, has
been designated by plaintiffs as their Agent under said
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2590
Memorandum of Understanding.
5. In order to consummate the compromise and
settlement 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
payment 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 :
1. Said Memorandum of Understanding for
Settlement of West Coast Pipe Cases Between All Plaintiffs
and Certain Defendants dated May 5, 1967, and the compromise
and settlement provided for thereby, are hereby ratified,
affirmed and approved.
2. The designation of TRUST DEPARTMENT, BANK
OF A.MERICA, NT & SA, 300 Montgomery Street, San Francisco,
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2590
California 94102, 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 to, 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 Mayor or City Clerk 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.
PASSED AND ADOPTED by the City Council of the City
of Huntington Beach, California, this day of SGIN
1967.
Mayor
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2590
ATTEST: APPROVED AS TO FORM:
(;4 ,.�
City Clerk Cit torney
CERTIFICATE
The undersigned hereby certifies that he is the
duly elected, qualified. and acting City Clerk 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 of the City of Huntington Beach
at a meeting duly and regularly called, noticed and held on
the 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 day of 1967
24:
�-�
PAUL r . JONES, City Clerk
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Res No.
2590
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss :
CITY OF HUNTINGTON BEACH )
I , PAUL C. JONES, the duly elected, qualified and
acting City Clerk of the City of Huntington Beach, and ex-
officio Clerk of the City Council of said City, do hereby
certify that the whole number of members of the City Council
of the City of Huntington Beach is seven; that the foregoing
resolution was passed and adopted by the affirmative vote of
more than a majority of all the members of said City Council
at a regular meeting thereof held on the 191h
day of June , 19 67�, by the following vote:
AYES: Councilmen:
Coen, Bartlett, Gisler Kaufman, Green, Shipley
NOES: Councilmen:
None
ABSENT: Councilmen:
Stewart
62
City Clerk an -officio Clerk
of the City Council of the City
of Huntington Beach, California