08-739Council File # � ?
Green Sheet # ,?j 05 �o �i��/..!—
RESOLUTION
OF SAINT PAUL, MINNESOTA
Presented
WHEREAS, because of the special and unusual conditions regard+ng the immediate need
for specialized skills to pursue these actions by the City Attomey, the City Attorney recommends
the appointment of outside counsel for this matter and has obtained a proposal from Briol and
Associates, experts in the field of securities faw; now, therefore, be it
WHEREAS, Saint Paul City Charter § 5.02 permits the City, upon recommendation of the
City Attorney and in the case of speciai or unusual circumstances, to appoint outside counsel to
represent the City; and
5 WHEREAS, the City wishes to pursue an action for damages for violations of securities
6 law against Merrill Lynch arising from the sale af certain commercial paper to the City; and
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RESOLVED, that the City Attorney is hereby authorized to retain Briol and Associates to
represent the City in legaf actions against Merrilf Lynch, with attorneys' fees to be paid on a
contingent basis.
Bostrom
Carter
Harris
Adopted by Council: Date
Yeas
✓
��
Absent
Adoption Certified by C uncil Secretar�il
B .
Approv yM : Date � Z'� O�
By:
Requested by az ent of: t-J"f �
By:
Approved the Office of F' iancial Services
By: � 1
Approved by Ci � rney
By:
Approved by ayor f r Submission to Council
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BY� ?' �°c�+��s� .�" qh
� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet �
b8- �3 y
CA �iry nuomey
Contact Person 8 Phone:
John Choi
266-8710
Dx. Type: RESOLUTION W/$ TRANSAC
E-0ocument Required: N
Document CoMact:
Contact Phone:
09-JUL-08
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Assign
Number
For
Routing
Order
ToWI # of Signature Pages _(Clip All Locations for Signature)
Green Sheet NO: 3056554
0 " Attorne �
1 ' Attorne De arlmentDirector
2 anciaiServices ceFivanciatServices
3 ' Attorne
4 or's Office D7s or/Assistant
5 omcSl GY Council
6 ' Clerk Ci Clerk
Approval of outside counsel to represent City against Merrill Lynch.
iaavons: Approve �n� or rc
Planning Commission
CIB Committee
Civil Service Commission
t. Has this perso�rtn everworked under a contract for this department?
Yes No
2. Has this persoNfirm ever been a city employee?
Yes No
3. Does this person/firtn pouess a skill not normally possessed by any
current city employee?
Yes No
Euplain all yes answers on separate sheet and attach to green sheet
Initialing Problom, Issues„OppoRunity (Who, What, When, Where, Why):
Merrill Lynch sold the City an invesiment that was inconsistent with City investment policies and law. The investment is not
perFornilng aad the Ciry needs to pursue Merrill Lynch for damages. The City Attonrey recommends outside counsei because the
Office of the City Attorney does not have expertise in securities law. Briol and Associates is a recognized expert in securities
litigation.
Adva�ages If Approvad:
The City can pursue collection without up-front attorneys' fees.
Disadvantages If Approved:
None.
DisadvanqgeslfNotApproved:
The City will not be able to seek damages from Merrill Lynch.
Transaction:
Funding Souree:
Financial Information:
(Explain)
Aceivity Number: GL-001-09073-0218
CosURevenue Budgeted:
July 9, 2008 930 AM Page 1