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What are assets of the Settlement Fund?
The NMI government, the NMI Retirement Fund, and the NMI Settlement Fund have jointly submitted in federal court on Friday an agreement about the ownership of assets belonging to the Settlement Fund.
The agreement was signed by Settlement Fund counsel Dean Manglona and NMI government and NMI Retirement Fund counsel Attorney General Edward Manibusan.
According to the agreement, or stipulation, the Settlement Fund is a not-for-profit, tax exempt entity created by the court-approved settlement dated Aug. 6, 2013, in connection with Betty Johnson’s class action lawsuit.
The parties agree that the Settlement Fund is not a pension plan and it does not operate or manage a pension plan.
The settlement agreement provides that the Settlement Fund shall “accept the transfer of the assets of the CNMI Fund as provided in this agreement, and to own the consent judgment entered by the District Court upon final approval as specified in this agreement…”
The assets that were transferred to the Settlement Fund and now owned and controlled solely by the Settlement Fund include, but not limited to, the Judicial Building Loan note, and the leasehold interest(s) in real property that was transferred from the CNMI Fund to the Settlement Fund (to the extent allowed under CNMI law).
The other assets include all bonds, securities, investments, and cash accounts held in the name of the Settlement Fund, and payments to be made to the Settlement Fund under paragraphs 4 and 5 of the settlement agreement.
