RESOLUTION NO. RS2003-44

A resolution authorizing the Department of Law to compromise and settle all issues and possible claims that the Metropolitan Government may have against NWQ Investment Management Company, LLC through the payment by NWQ Investment Management Company, LLC of two hundred thousand dollars ($200,000.00) to the Metropolitan Government Trust Funds.

Whereas, NWQ Investment Management Company, LLC (hereinafter referred to as “NWQ”) served as investment manager to the Metropolitan Government by and through the Investment Committee of the Metropolitan Employee Benefit Board (hereinafter referred to as “Investment Committee”) in connection with the investment of the funds of the Metropolitan Government Trust Funds (hereinafter referred to as “Trust Fund”) from on or about October 1, 1998 through on or about January 5, 2001; and

Whereas, an issue regarding NWQ’s compensation as an investment manager arose as the result of an audit of the Metropolitan Employee Benefit Board by the Internal Audit Section of the Metropolitan Government;

Whereas, the Metropolitan Government has reviewed and considered all the relevant issues, concerns and potential claims arising out of, in connection with or relating to the investment management agreements and relationship between the Metropolitan Government, NWQ, and NWQ’s service as an investment manager to Metropolitan Government by and through the Investment Committee, has considered the delay, expense and uncertainty of litigation and has determined that the resolution set forth in the Settlement Agreement and Release, attached as Exhibit A hereto, is reasonable and in the best interests of the Metropolitan Government; and

WHEREAS, NWQ, while denying any liability, fault, wrongdoing or misconduct, wishes to avoid the delay, expense and uncertainty of litigation and to reach an amicable resolution of any disputed matter, claim or controversy in any way arising out of, in connection with or relating to the investment management agreements and relationship between Metropolitan Government and NWQ or NWQ’s service as an investment manager to Metropolitan Government by and through the Investment Committee.

Now therefore, be it resolved by the Council of The Metropolitan Government of Nashville and Davidson County:

Section 1: That the Metropolitan Department of Law is authorized to compromise and settle any and all claims that the Metropolitan Government may have on behalf of itself, its Investment Committee, its Employee Benefit Board, and its Trust Fund against NWQ by NWQ’s payment in the amount of two hundred thousand dollars ($200,000.00), payable to the Metropolitan Government Trust Fund.

Section 2: This resolution shall take effect from and after its passage, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Brenda Gilmore

LEGISLATIVE HISTORY
Referred to:	Budget & Finance Committee
Introduced:	October 21, 2003
Adopted:	October 21, 2003
Approved:	October 21, 2003
By: