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MEMORANDUM
TO: HONORABLE BOARD OF SUPERVISORS
FROM: ANITA L. GRANT, County Counsel
DATE: February 28, 2017
SUBJECT: Notice of Settlement between Various State Attorneys General and Barclays Bank, PLC and Barclays Capital, Inc.
EXECUTIVE SUMMARY: The County has received notice regarding the above-referenced settlement. The County of Lake is entitled to participate in the settlement if the County determines to execute an Election to Participate and Release Form, which is attached hereto. The County would then receive $13,062.74, but would give up any right to sue Barclays independently for certain claims brought against Barclays which relate to this settlement.
The settlement is based upon allegations that Barclays Bank, PLC. and Barclays Capital, Inc. failed to disclose, except to certain counterparties, that its LIBOR submissions and those of other financial institutions were sometimes artificially low and/or inaccurate. LIBOR, the London Interbank -Offered Rate, is the basic rate of interest used in lending between banks. The County’s share is based only on U.S.Dollar LIBOR referencing transactions the County had with Barclays.
To receive the above-described settlement payment, the Election to Participate and Release Form must be post-marked no later than March 1, 2017.
The Administrative Office, the Office of the Auditor-Controller, and the Office of the Treasurer-Tax Collector have all been given the opportunity to review this proposed settlement prior to the matter coming to your Board.
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Recommended Action
RECOMMENDED ACTION: I recommend the Board approve this settlement and authorize the County Administrative Officer to sign.