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HomeMy WebLinkAbout1971-08-12 - Resolution No. 211I RESOLUTION NO. 211 46 RESOLUTION OF THE BOARD OF DIRECTORS OF THE YORBA LINDA COUNTY WATER DISTRICT APPROVING SETTLEMENT WITH DEFENDANT HERSEY-SPARLING METER CO. IN THE WATER METER ANTITRUST CASE . WHEREAS : YORBA LINDA COUNTY WATER DISTRICT (hereinafter referred to as "this entity") is a plaintiff in one or more antitrust damage actions generally described as the Water Meter Antitrust Cases,. and WHEREAS, an agreement for compromise and settlement has been reached between the plaintiffs in said suit and defendant HERSEY-SPARLING METER CO. (hereinafter referred to as "Settling Defendant") providing for the payment to the designated agent for all plaintiffs of the sum of $180,000.00, and WHEREAS, it is necessary that each plaintiff (i) ratify, affirm and approve said compromise and settlement provided by said agreement, (ii) authorize the payment and delivery by said Settling Defendant to plaintiffs' agent of the net settlement amount on a lump sum basis, without responsibility on the part of the Settling Defendant for the allocation or distribution of such settlement amount as among the plaintiffs, and (iii) auth- orize the execution and delivery of a Release and Covenant Not to Sue, dismissals of the pending actions as to said Settling Defendant, and such other writings and the taking of such other action as is required in order to effectuate said compromise and settlement, and WHEREAS, the prorata share of the settlement proceeds payable to this entity is the sum of $388.10, out of which the sum of $97.03 (one-fourth of the gross settlement) is to be deducted as attorneys' fees payable to Rutan & Tucker, and • 1. r • WHEREAS, acceptance of the compromise and settlement as provided for by said agreement is in the best interests of this entity, NOW, THEREFORE, BE IT RESOLVED by the governing body of this entity as follows: 1. Said compromise and settlement is hereby accepted, ratified, affirmed and approved. 2. Payment and delivery by the Settling Defendant to plaintiffs' agent of the settlement amount of $180,000.00, with- out responsibility on the part of Settling Defendant for the allocation or distribution of said settlement amount as among plaintiffs, are hereby authorized and approved. 3. Payment of $97.03 to Rutan & Tucker as attorneys' fees, representing 25 percent of the gross settlement amount received from said Settling Defendant on behalf of this entity, is hereby authorized and approved. 4. The deposit of the remainder of the recovery from said Settling Defendant in the trust account of Rutan & Tucker, to be used to pay the assessment toward group costs and costs incurred by Rutan & Tucker in prosecuting said lawsuit, and disbursement of the balance at the conclusion of the lawsuit, is hereby authorized and approved. 5. The President or Vice President and Secretary or Assistant Secretary of this entity are hereby directed, auth- orized 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. 6. 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 required by the compromise and settlement agreement as to said.Settling Defendant, to 2. 1 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 settle- ment agreement outlined above. Resolution No. 211 was passed and adopted by the Board of Directors of Yorba Linda County Water District at a regular meeting held on the 12th day of August, 1971, by the following vote: AYES: -astings, McGuire, Clodt, Knauft NOES: None ABSENT: Wagner Jr E. Mathews, Secretary 1 " • CCU ~ ~ ~ a p A. McGuire, rest ent The undersigned certifies that she is the duly elected Secretary of said District and that the foregoing is a true and correct copy of Resolution No-211 duly passed and adopt- ed by the Board of Directors of said District on August 12, 1971. Jean E. Ma hews, Secretary of the District 3.