Title/Name/Summary
Lexington Insurance Company Release and Settlement Agreement
History
This claim stems from litigation as a result of McGreal v. Village of Orland Park, various co-defendant police officers and Police Chief McCarthy. Based on the pleadings in that case, the officers were entitled to their own defense counsel (conflict counsel). After the matter concluded, in the Village’s favor (and co-defendant’s favor), CCMSI began attempts to recover back from Lexington Insurance those monies paid for legal representation, above the Village’s self-insured retention. Lexington had issued a policy containing general liability coverage to the Village.
With the approval of the Village Board back in 2019, the Village retained attorney Jennifer Turiello at Peterson, Johnson & Murray in Chicago, IL to assist with recovery attempts. With attorney Turiello's assistance, and dealing with a new claim rep at Lexington, The Village finally received a final negotiated offer of reimbursement from Lexington in the amount of $490,000 (four hundred ninety thousand dollars).
Staff recommends acceptance of the final offer from Lexington in the amount of $490,000 (four hundred ninety thousand dollars).
Financial Impact
The Village will receive a one-time settlement payment of 490,000.00 (four hundred ninety thousand dollars).
Recommended Action/Motion
I move to approve to the Village Board of Trustees to accept the Lexington Insurance Company Release and Settlement Agreement for a one-time recovery payment of 490,000.00 (four hundred ninety thousand dollars).
And,
Authorize the Village President to execute the Release Settlement Agreement.