Resolution 071444 -5
CITY OF ALAMEDA RESOLUTION NO. 7144
APPROVING SETTLEMENT OF WEST COAST PIPE CASES
WHEREAS:
1. The CITY OF ALAMEDA (hereinafter referred to as "thia entity") is
a plaintiff in one or more antitrust damage actions generally described as the West
Coast Pipe Gases.
2. On May 5, 1967, a written "Memorandum of Understanding for Settle-
ment of West Coast Pipe Cases Between All Plaintiffs and Certain Defendants" was
entered into by ccunsel for plaintiffs in said cases and counsel for defendants
United States Steel Corporation, Kaiser Steel Corporation, Martin-Marietta Corpora-
tion, U.S. Industries, Inc., United Concrete Pipe Corporation and Smith-Scott Co, Inc,,
hereinafter collectively referred to as "Settling 'Defendants," a copy of said
Memorandum of Understanding being on file in the office of this entity.
3. Said Memorandum of Understandingprovides for payment to the
designated Agent for all plaintiffs of the sum of ',',21,275,000, of which sum
$18,587,500 is to be paid in cash on the closing of the settlement and 82,687,5°0
is to be represented by installment promissory notes of U. S. Indnstries, Inc., and
United Concrete Pipe Corporation.
4. TRUST DEPARTMENT, BANK OF AMERICA, NT & SA, 300 Montgomery Street,
San Francisco, California 94102, hes been designated by plaintiffs as their Agent
under said NJemorandum of Understanding.
5. In order to consummate the compromise and settlement provided for
in said Memorandum of Understanding, it is necessary that each plaintiff (i) ratify,
affirm and approve said Memorandum of Understanding and the compromise and settlement
provided for thereby, (ii) authorize the payment and delivery by Settling Defendants
to plaintiffs' Agent of the net settlement amount on a lump aum basis, without
responsibility on the port of Settling Defendants for the allocation or distribution
of such settlement amount as among the plaintiffs, and (iii) authorize the execution
and delivery of e Covenant Not to Sue, dismissals of the pending actions, and such
other writings and the taking of such other action as is required in order to
effectuate said compromise and settlement.
6. Acceptance of the compromise and settlement provided for in said
Memorandum of Understanding is in the best interests cf this entity.
NOW, ThEREFORE, Be. IT RESOLVED by the governing body of this entity as
follows:
I. Said Memorandum of Understanding for Settlement of West Coast Pipe
Cases Between All Plaintiffs and Certain Defendants dated May 5, 1967, and the
compromise and settlement provided for thereby, are hereby ratified, affirmed and
approved.
2. The designation of TRUST DEPARTMENT, BANK OF AERICA, NT & SA,
300 Montgomery Street, San Franciscc, California 94102, as Agent for all plaintiffs
is hereby ratified, affirmed end approved.
3. Payment and delivery by the Settling Defendants to plaintiffs'
Agent of the settlement amount of :;',)21,275,000 represented by the cash amount and
the notes hereinabove referred tc, without responsibility on the part of Settling
Defendants for the allocation ar distribution of said settlement amount as among
plaintiffs, are hereby authorized and approved.
4— The President or Vice President (or equivalent officers) and
Secretary or Assistant Secretary or equivalent officers) of this entity are hereby
directed, authorized 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.
5. 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 dismiseols in such form 55 may be agreed to pursuant
to said Memorandum of Understanding, to execute and deliver such other writings,
and to take any and all other notion which may be required of this entity in order
to effectuate and consummate the compromise and settlement provided for in said
Memorandum of Understanding.
446
CERTIFICATE
The undersigned hereby certifies that he is the duly elected, qualified
and acting City Clerk of the entity named above end that the attached and foregoing
is a full, true and correct copy of a resolution duly and regularly adopted by the
City Council thereof at e meeting duly and regularly called, noticed and held on the
6th day of June, 1967, et which a quorum was present; and thet said resolution hes
not been altered or amended and is still in full force and effect.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand and affixed
the official seal. of said entity this 7th day of June, 19u7.
(Chnh)
'N-RLEY H. TENNIER
y Clerk of the City at Alameda
I hereby certify that the foregoing is e full, true and correct copy of
"City of Alameda Resolution No. 7104, APPROVING 6ETTLEMENT OF WEST COAST PIPE
CASES," introduced and adopted by the Council on the 6th day of June, 1967.
f the City of Aiarneda