The city owns the Water Company and regularly receives dividends from the company’s profits. The loan will collect 2% interest, and the Water Company will retain a portion of the dividend for the next eight years as repayment.
The money will be used to pay a $14 million settlement with a group of underpaid firefighters.
Last year, the council issued $35 million in bonds to finance a similar settlement. Since the firefighters were underpaid by the old city before merger, many suburban residents didn’t think their tax dollars should go to the settlement. But the city owns the Water Company, and Metro Councilman Kevin Kramer the new settlement will not likely be very controversial.
Kentucky will receive a share of a 75 million dollar settlement in a lawsuit over drug marketing. The commonwealth is among several states to settle with Johnson & Johnson over how the Topamax drug was marketed to doctors.
Applications are now being accepted for the new Rubbertown-Shively Class Scholarship that was created in the wake of a class action settlement between area residents and the DuPont Company over pollution complaints in the area. As part of the settlement, DuPont has paid some $480,000 to set up a permanent endowment fund that will finance… Continue reading Application Process Begins For Class-Action Scholarships
The Louisville Metro Council’s budget committee has approved a settlement with firefighters on back overtime pay, but it’s not yet decided exactly how the city will foot the bill.
U.S. District Judge John Heyburn’s courtroom was standing room only today (FRIDAY) for a hearing on the fairness of a proposed settlement from Zeon Chemicals.
Thirty-eight states, including Kentucky, have reached a settlement with toy-maker Mattel over the presence of excessive levels of lead in toys. Kentucky Attorney General spokeswoman Allison Martin says millions of tainted toys were on store shelves in 2007.