Title
Dept/ Agency: Law
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Settlement of Bankruptcy Litigation
Docket No.: Adversary Proceeding No. 16-01365
Claimant: City of Newark and Hon. Donald M. Payne, Jr.
Claimant's Attorney: Law Office of Alan Dexter Bowman, Esq.
Attorney's Address: 2 Gateway Plaza, Newark, New Jersey 07102
Settlement Amount: $29,000.00
Funding Source: N/A
Additional Comments:
Resolves litigation in the United States Bankruptcy Court for the District of New Jersey captioned Newark Watershed Conservation and Development Corporation v. RSUI Indemnity Company, et al., Adversary Proceeding No. 16-01365, which seeks a judicial determination that RSUI is obligated to defend and indemnify Hon. Donald M. Payne, Jr., and others in connection with Newark Watershed Conservation & Development Corporation v. Watkins-Brashear, et al., Adversary Proceeding No. 15-02397-VFP. Settlement results in payment of a settlement sum to the City.
Invitation: Corporation Counsel (date to be entered by Clerk's Office)
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WHEREAS, RSUI Indemnity Company ("RSUI") issued to the Newark Watershed Conservation and Development Corporation (the "Watershed" or the "NWCDC"), its directors and officers, liability insurance policy no. HP645308, which was effective for the period March 1, 2012 to March 1, 2014 (the "RSUI Policy" as defined herein); and
WHEREAS, former Newark Municipal Council President and present Congressman the Honorable Donald M. Payne, Jr. ("Payne") is a former member of the Watershed's Board of Trustees; and
WHEREAS, since the Municipal Council appointed Payne to the Watershed's Board of Trustees, the City provided Payne with legal representation; and
WHEREAS, the New Jersey State Comptroller's Office conducted an investigation into alleged financial improprieties taking place at the NWCDC (the "Comptroller's Investigation"), which resulted in a February 19, 2014 report; ...
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