Item Number: 9.
MEETING DATE: 3/14/2017
DEPARTMENT: COUNTY COUNSEL
DEPT HEAD/DIRECTOR: M. Granger
AGENDA ITEM PREPARER: Barbara Thompson
SBC DEPT FILE NUMBER: 160
SUBJECT:
COUNTY COUNSEL'S OFFICE - M. GRANGER
Approve settlement in the amount of $10,647.54, as San Benito County's share of a settlement between various state attorney generals and Barclays Bank PLC and Barclays Capital Inc.
SBC FILE NUMBER:160
AGENDA SECTION:
CONSENT AGENDA
BACKGROUND/SUMMARY:
The notice letter provided to San Benito County indicates San Benito County is eligible to share in a $93,350,000 settlement fund. San Benito County's share is $10,647.54. The settlement agreement is a result of an out-of-court settlement between Barclays Bank PLC and Barclays Capital inc. (hereinafter "Barclays") and 45 State Attorneys General, including the Attorney General of the State of California. The settlement relates to alleged conduct which may have affected the LIBOR Benchmark Interest Rate on certain financial instruments the County participated in.
BUDGETED:
SBC BUDGET LINE ITEM NUMBER:
CURRENT FY COST:
n/a
STAFF RECOMMENDATION:
1. Approve proposed settlement and authorize CAO to sign (1) the "Election to Participate in Settlement with Barclays Bank PLC and Barclays Capital Inc., and (2) Release by Eligible Counterparties.
ADDITIONAL PERSONNEL:
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