Summary
PICA adopted Resolution No. 2021-04, approving the terms of a settlement in the ongoing LIBOR litigation, in which the Authority and the City of Philadelphia were plaintiffs. The litigation involved allegations of interest rate manipulation by financial institutions, and the current settlement resolves claims against one defendant. The resolution also grants the Chairperson and Executive Director the authority to review and approve future settlements without requiring additional Board votes, provided that Board members are notified and special litigation counsel recommends acceptance. This delegation of authority ensures that settlement agreements can be efficiently executed as additional defendants offer resolutions. The resolution authorizes PICA’s officers to finalize all necessary legal agreements and ratifies prior related actions. It takes effect immediately, streamlining the settlement process while maintaining legal oversight.