|
RESOLUTION 67-81 OF THE CITY COUNCIL OF THE CITY
<br />OF SANTA ANA RATIFYING, AFFIRMING, AND APPROVING
<br />MEMORANDUM OF UNDERSTANDING FOR SETT?.RMENT OF
<br />WEST COAST PIPE CASES
<br />
<br />WHEREAS:
<br />
<br /> 1. The CITY OF SANTA ANA (hereinafter referred to as "this
<br />entity") is a plaintiff in one or more antitrust damage actions
<br />generally described as the West Coast Pipe Cases.
<br />
<br /> 2. On May 5, 1967, a written "Memorandum of Understanding
<br />for Settlement of West Coast Pipe Cases Between All Plaintiffs and
<br />Certain Defendants" was entered into by counsel for plaintiffs in
<br />said cases and counsel for defendants, United States Steel Corporation,
<br />Kaiser Steel Corporation, Martin-Marietta Corporation, U. S. Industries
<br />Inc., United Concrete Pipe Corporation and Smith-Scott Co., Inc.,
<br />hereinafter collectively referred to as "Settling Defendants,"
<br />a copy of said Memorandum of Understanding being on file in the office
<br />of this entity.
<br />
<br /> 3. Said Memorandum of Understanding provides for payment to
<br />the designated Agent for all plaintiffs of the sum of $21,275,000, of
<br />which sum $18,587,500 is to be paid in cash on the closing of the
<br />settlement and $2,687,500 is to be represented by installment
<br />promissory notes of U. S. Industries, Inc., and United Concrete Pipe
<br />Corporation.
<br />
<br /> 4. TRUST DEPARTMENT, BANK OF AMERICA, NT & SA, 300 Montgomery
<br />Street, San Francisco, California 94102, has been designated by
<br />Plaintiffs as their Agent under said Memorandum of Understanding.
<br />
<br /> 5. In order to consummate the compromise and settlement
<br />provided for in said Memorandum of Understanding, it is necessary
<br />that each plaintiff (i) ratify, affirm and approve said Memorandum
<br />of Understanding and the compromise and settlement provided for
<br />thereby, (ii) authorize the payment and delivery by Settling Defendants
<br />to plaintiffs' Agent of the net settlement amount on a lump sum basis,
<br />without responsibility onthe part of Settling Defendants for the
<br />allocation or distribution of such settlement amount as among the
<br />plaintiffs, and (iii) authorize the execution and delivery of a
<br />Covenant Not to Sue, dismissals of the pending actions, and such other
<br />writings and the taking of such other action as is required in order
<br /> to effectuate said compromise and settlement.
<br />
<br /> 6. Acceptance of the compromise and settlement provided for
<br />in said Memorandum of Understanding is in the best interests of this
<br />entity.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the.City
<br />of Santa Ana as follows:
<br />
<br /> 1. Said Memorandum of Understanding for Settlement of West
<br />Coast Pipe Cases Between All Plaintiffs and Certain Defendants dated
<br />May 5, 1967, and the compromise and settlement provided for thereby,
<br />are hereby ratified, affirmed and approved.
<br />
<br /> 2. The designation of TRUST DEPARTMENT, BANK OF AMERICA,
<br />NT & SA, 300 Montgomery Street, San Francisco, California 94102, as
<br />Agent for all plaintiffs is hereby ratified, affirmed and approved.
<br />
<br /> 3. Payment and delivery by the Settling Defendants to plainti~s'
<br />Agent of the settlement amount of $21,275,000 represented by the cash
<br />amount and the notes hereinabove referred to, without responsibility
<br />on the part of Settling Defendants for the allocation or distribution
<br />of said settlement amount as among plaintiffs, are hereby authorized
<br />and approved.
<br />
<br />-1-
<br />
<br />
<br />
|