HomeMy WebLinkAboutResolution 1849
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A~8OLQTION AIITHORIZING SETTLEMENT
pB CLAIMS AND CAIISEB OF ACTIONS ",~^' _~ '=?a.,.?i~,~ ;~:';~ 1~
AGAINST W R GRACE i CO.-CONN.
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WHEREAS, THE CITY OF FORT WORTH, a duly constituted municipality
(hereinafter referred to as Plaintiff), previously
authorized Martin Dies, III and Bracewell & Patterson,
Attorneys, to file suit in its behalf against W. R. Grace
& Co.-Conn. ("Grace"), to recover the costs associated
with removal and management of asbestos-containing
fireproofing, acoustical, and, or decorative plaster
materials manufactured by Grace and installed within
Plaintiff's buildings; and
WHEREAS, suit was duly filed by Plaintiff and other public school
districts, junior colleges, municipalities, and other
local government subdivisions against Grace in the United
States District Court for the Eastern District of Texas,
Beaumont Division, such suit being styled Davton
States Gvnsum Comnanv, Number B-87-00507-CA; and
WHEREAS, Grace has offered to compromise and settle all claims and
causes of actions which Plaintiff has against Grace
arising out of or related to the sale and installation
of asbestos-containing fireproofing, acoustical, and, or
decorative plaster materials, applied to ceilings, walls,
structural elements, and similar building surfaces
("Asbestos-Containing Product") manufactured by Grace
and installed within Plaintiff's buildings by paying
Plaintiff the groan sum of Oae Million One Hundred Sixty-
Four Thousand Three Hundred Eighty-Seven and 92/100
Dollars ($1,164,387.92) on or before January 5, 1993, the
gross sum of Five Hundred Eighty-Two Thousand One
Hundred Ninety-Three and 96/100 Dollars ($582,193.96) on
or before January 5, 1994, and assigning to Plaintiff
Seven Hundred Txentp-Seven Thousand Seven Hundred Porty-
Two and 45/100 Dollars ($727,742.45) gross dollars of
its claim against its excess insurance carriers for and
in consideration of Plaintiff dismissing all claims and
causes of actions which it might have against Grace; and
WHEREAS, Plaintiff finds that the settlement offer is reasonable
and desires to resolve and compromise this dispute.
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270W, THEREFORE, BS IT RE80LVED:
1. Plaintiff does hereby agree to settle all claims and
causes of action which it has against W. R. Grace
5 Co.-Conn., arising out of the sale and
installation of Asbestos-Containing Products in
Plaintiff's buildings, for the gross sum of One
ltiilion One Hundred 81:ty-Four Thousand Three
Hundred flighty-Bevan and 92/100 Dollars
($1,164,387.92) to be paid on or before January 5,
1993, the gross sum. of Five Hundred Eighty-Two
Thousand One Hundred Niaetp-Three and 96/100 Dollars
(5582,193.96) to be paid on or before January 5,
1994, and the assignment of Seven Hundred TMenty-
8evea Thousand Seven Hundred Fortp-Two and 45/100
Dollars ($727,742.45) gross dollars of Grace's claim
against its excess insurance carriers;
2. is hereby authorized
to execute on behalf of THE CITY OF FORT WORTH, any
and all documents necessary to conclude the
settlement, including but not limited to, the
execution of a Compromise Settlement Agreement,
Partial Release or Satisfaction of Judgment, Final
Release or Satisfaction of Judgment and Master
Assignment.
3. Martin Dies III, Attorney, is hereby authorized to
perform any and all necessary actions to finalize
the terms and conditions of this settlement.
SG~ is esolution having been adopted on the day of
1992, in open meeting, and after not'ce having
been published in accordance with Vernon's Annotated Civil
Statutes, Art. 6252-17 and with a quorum of Board members present
and voting in favor of this Resolution.
ADOPTED this ~T/-~ day of ~~, 1992.
THE CITY OF FORT WORTH
ATTEST:
By
soc~iso.oa
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