Summary
PICA adopted Resolution No. 2019-11, approving the settlement of claims against one defendant in the ongoing LIBOR litigation. PICA and the City of Philadelphia were co-plaintiffs in this lawsuit, which alleged financial institutions manipulated LIBOR interest rates. The settlement terms were reviewed by special litigation counsel and determined to be in the best interest of the Authority. The resolution also authorizes officers to execute the necessary settlement agreements while maintaining PICA’s involvement in remaining litigation. This action ensures that PICA secures financial recovery while avoiding prolonged legal disputes. The resolution takes effect immediately.