The City of Windsor has settled the final phase of its lawsuit against MFP Financial Services Limited, now known as Renasant Financial Partners Limited. Overall, the legal action has recovered approximately $170,000,000.

‘’The settlement reached with MFP Financial Services brings to conclusion a lengthy dispute and a dark chapter in our City’s history,'’ said Mayor Eddie Francis. “The settlement is good news for the City of Windsor.”

MFP will now pay the City of Windsor $3,500,000 to settle the remaining claims in the action regarding operating leases. Only five leases for fire trucks and for communications and computer equipment will continue to their respective expiry dates between now and the year 2013. When they terminate, MFP will transfer title of the equipment to the City of Windsor for the sum of one dollar. This transfer has a value to the City of Windsor of approximately $1,500,000.As part of the settlement, the City of Windsor will recover an additional $750,000 for costs incurred during the litigation, $150,000 in provincial sales tax recovery and $220,000 worth of equipment at no cost.

The total value of this settlement has an overall benefit to the City of Windsor of approximately $6,100,000.

Phase One of the settlement, announced in 2005, resulted in a $7,200,000 recovery by the City of Windsor on its operating leases and costs. Phase One also settled a lease related to the regional landfill, resulting in an overall benefit to the City of Windsor and the County of Essex of an additional $156,400,000.

This entry was posted on Friday, October 13th, 2006 at 12:23 pm and is filed under City News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.