File #: 15-0885    Version: 1 Name:
Type: Resolution Status: Filed
File created: 4/24/2015 In control: Law
On agenda: 5/20/2015 Final action: 5/20/2015
Title: Dept/ Agency: Law Action: ( ) Ratifying (X) Authorizing ( ) Amending Purpose: Settlement of Civil Litigation Docket No.: ESX-L-319-11 Claimant: Danny Caicedo v. Fabian Caicedo and City of Newark Claimant's Attorney: Casey J. Woodruff, Esq. Attorney's Address: Bramnick, Rodriguez, Grabas & Woodruff, LLC Settlement Amount: $2,400,000.00 (to be paid in 2 payments) Funding Source: Insurance Trust Fund Additional Comments: Invitation: Corporation Counsel, May 19, 2015
Sponsors: Council of the Whole
Title
Dept/ Agency:  Law
Action:  (   ) Ratifying     (X) Authorizing     (   ) Amending
Purpose:  Settlement of Civil Litigation
Docket No.:  ESX-L-319-11            
Claimant:  Danny Caicedo v. Fabian Caicedo and City of Newark          
Claimant's Attorney:   Casey J. Woodruff, Esq.            
Attorney's Address:  Bramnick, Rodriguez, Grabas & Woodruff, LLC
Settlement Amount: $2,400,000.00 (to be paid in 2 payments)
Funding Source: Insurance Trust Fund
Additional Comments:  
                                     
Invitation: Corporation Counsel, May 19, 2015          
body
 
WHEREAS, a suit was instituted in the New Jersey Superior Court, Essex County, Law Division, captioned Danny Caicedo v. Fabian Caicedo and the City of Newark, Docket Number: ESX-L-319-11, in which the plaintiff sought recovery for his personal injuries as a result of a motor vehicle accident; and
 
WHEREAS, it has been determined that plaintiff was injured and a proposal has been made to resolve this litigation by payment in the total amount of $2,400,000.00 (Two Million Four Hundred Thousand Dollars and Zero Cents); and
 
WHEREAS, this case was tried on April 12, 2013 and concluded on April 26, 2013, with a jury verdict against the Fabian Caicedo and the City of Newark for $3,000,000.00 million dollars for plaintiff Danny Caicedo finding plaintiff 20% liable and Defendant 80% liable for the accident; and
 
WHEREAS, on appeal filed by Fabian Caicedo and City of Newark, the Appellate Division rendered a published opinion on March 15, 2015, affirming the jury verdict in the amount of $3,000,000.00 and denying the relief sought by Fabian Caicedo and the City of Newark; and
 
WHEREAS, the plaintiff Danny Caicedo would be entitled to post judgment interest on the $3,000,000.00 jury verdict from the date of April 26, 2013 to March 15, 2015; and
 
 
      WHEREAS, the Corporation Counsel based upon all facts and circumstances deems it in the best interest of the City of Newark to resolve said matter by payment of the proposed Settlement.
 
      NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
    1. The Corporation Counsel is hereby authorized on behalf of the City of Newark to execute and accept the terms of the Settlement Agreement and Release, attached hereto.
    1. Upon receipt by the Corporation Counsel of all documents deemed necessary, the Acting Director of Finance is hereby authorized and directed to issue two separate payments: 1) first payment in the amount of $1,200,000.00 (One Million, Two Hundred Thousand Dollars and Zero Cents), which payment shall be made payable to "Danny Caicedo and Bramnick, Rodriguez, Grabas and Woodruff, LLC, Trust Account" and which payment will be mailed to Casey J. Woodruff, Esq., 1827 East Second Street, Scotch Plains, New Jersey 07076, shall be made no later than June 30, 2015; and 2) final payment in the amount of $1,200,000.00 (One Million, Two Hundred Thousand Dollars and Zero Cents), which payment shall be made payable to "Danny Caicedo and Bramnick, Rodriguez, Grabas and Woodruff, LLC, Trust Account" which payment will be mailed to Casey J. Woodruff, Esq., 1827 East Second Street, Scotch Plains, New Jersey 07076, no later than December 31, 2015.
    1. Annexed hereto is the Certification of Funds issued by the Acting Director of Finance, City of Newark, which states that there are available sufficient legally-appropriated funds from Fund 025, Agency25t, Orgn7t25, Object 96340 in the amount of $1,200,000.00 (One Million Two Hundred Thousand Dollars and Zero Cents), for the purpose set forth herein.  A copy of the Comptroller's Certification shall be filed in the Office of the City Clerk along with this Resolution by the Corporation Counsel.
    1. A fully executed copy of the Settlement Agreement shall be filed in the Office of the City Clerk by the Corporation Counsel.
    1. This resolution shall be effective upon adoption in accordance with applicable State Law.
 
STATEMENT
 
This Resolution authorizes the Corporation Counsel on behalf of the City of Newark to enter into a Settlement Agreement and Release to settle civil litigation captioned, Danny Caicedo v. Fabian Caicedo and the City of Newark, Docket Number: ESX-L-319-11 in the amount of $2,400,000.00 (to be paid in two payments), in exchange for Plaintiff's dismissal of any and all claims against Fabian Caicedo and the City of Newark and a complete release.