BOT 606: Settlement of Claims and Litigation
As used in this Policy, the terms “claim” and “litigation” shall have the following meanings:
- “Claim” means a dispute in which a demand for payment is asserted in some manner other than through litigation.
- “Litigation” means (1) a lawsuit filed in a federal or state court; (2) an arbitration proceeding; or (3) a matter before a federal or state administrative agency.
The General Counsel shall have the authority to settle a claim or litigation for $750,000 or less, subject to the availability of funds. The General Counsel shall have the authority to settle a claim or litigation for more than $750,000 with a report to and the consent of the Board of Trustees. Accordingly, a settlement of any claim or litigation for more than $750,000 shall be tentative, subject to a report to and the consent of the Board of Trustees, and such report and consent shall normally be sought at the next executive session of the Board of Trustees.
Enacted: 6/26/2020
Retired Policy No. 02-07-03