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Settlement agreement resolved in Manchester

A resolution at the Manchester Board of Aldermen meeting on July 1 authorizes the city to enter into a settlement agreement with Stern Brothers & Co., an investment bank.

The city communicated a written complaint letter dated April 30, 2018, alleging claims based on suitability, churning [excessive trading to increase broker’s commission] and other matters relating to the city of Manchester’s Tax Increment and Transportation Refunding Revenue Bonds for the Highlands Boulevard project.

Stern Brothers agreed to resolve and settle all claims and complaints between the two parties in recognition of the expense and uncertainty of further litigation, but without any admission of wrongdoing or liability of their behalf. Stern Brothers has agreed to pay a settlement amount of $40,000 to the city of Manchester per the specifics of the agreement, which releases them from further claims against them.

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