RESOLUTION NO. RS2009-783

A resolution authorizing the Metropolitan Department of Law to accept $90,000.00 in compromise and settlement of the claim of the Metropolitan Government of Nashville and Davidson County against John Hancock Life Insurance Company.

WHEREAS, John Hancock Life Insurance Company alleged it overpaid the Metropolitan Government on certain life insurance annuities and subsequently withheld funds owed to the Metropolitan Government on unrelated annuities; and,

WHEREAS, the Metropolitan Government brought suit in Davidson County Chancery Court against John Hancock Life Insurance Company to recover the funds withheld; and,

WHEREAS, after investigation, the Metropolitan Department of Law believes the settlement listed in Section 1 is fair and reasonable and in the best interest of the Metropolitan Government and recommends that this lawsuit be compromised and settled in the amount of $90,000.00.

NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:

Section 1: The Metropolitan Department of Law is authorized to accept $90,000.00 to compromise and settle the lawsuit Metropolitan Government v. John Hancock Life Insurance Company, currently pending in the Chancery Court of Davidson County, Docket No. 06-2703-II, and that this amount shall be deposited into the Benefit Board Pension Plan Fund.

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

Sponsored by: Jim Forkum

LEGISLATIVE HISTORY
Referred to:	Budget & Finance Committee
Introduced:	May 19, 2009
Adopted:	May 19, 2009
Approved:	May 22, 2009
By: