The market value of the Schuylkill County Employees Retirement fund shot up $2 million in a month's time it was reported by Controller Christy Joy at the board's monthly meeting held Wednesday at the courthouse in Pottsville. The market value of the fund as of Wednesday was $105,120,709.16.

Joy also reported during the month of August two members received annuities totaling $265,257.35; five members received refunds totaling $37,919.39; six members requested rollovers totaling $35,214.63; and one member passed away with a refund of $263.49.The board voted to accept a settlement of $13,567.85 from an out-of-court settlement between Wachovia Bank and 26 six states to resolve a class action suit involving municipal bonds.Back in 2008 Wachovia was named as a defendant along with numerous financial institutions and brokers in civil suits filed in the state and federal courts in New York, the District of Columbia, and California. The suits were brought by governmental agencies and not-for-profit entities that issued an/or received the proceeds of municipal bonds and invested those bond proceeds in municipal derivative transactions provided by the defendants.Wachovia has agreed to pay $54.5 million into a fund that will be used to pay restitution in the settlement of the anti-trust litigation.Shares were calculated based on a formula developed by the attorney generals with the assistance of an independent economic expert hired by the attorney generals of the involved states. Once the amount of restitution was established ($54.5 million) economic experts developed a formula and plan to allocate the settlement fund.Wachovia is also paying all of the costs of adminiistration of the settlement and the county does not have to pay any attorney fees. Wachovia made an additional payment of $3 million to reimburse fees and expenses connected with the investigation and also paid a $1.25 million civil penalty to the attorney generals.Voting to accept the settlement were Commissioners Frank Staudenmeier, George Halcovage and Gary Hess, and Joy. Treasurer Jacqueline McGovern, the fifth member of the board, was absent.