Summary
PICA adopted Resolution No. 2020-13, approving the terms of a settlement in the LIBOR interest rate manipulation lawsuit. The Authority, along with the City of Philadelphia, had been engaged in litigation against financial institutions accused of manipulating LIBOR rates. Special litigation counsel reviewed the settlement terms and recommended acceptance. The Board determined that the settlement was in the Authority’s best interest and authorized officers to execute all necessary agreements. The resolution ensures that PICA receives its fair share of the settlement while avoiding prolonged litigation. It takes effect immediately.