The bank filed a lawsuit in San Francisco Superior Court in September 2010 after a water meter piece broke off and became lodged in a valve for a filling tank. That prevented the valve from being shut off and the tank overflowed into the basement of Bank of America’s 1455 Market St. building Feb. 9, 2010.
The complaint said San Francisco “so negligently and carelessly” handled the water infrastructure that it resulted in “massive flooding” of the basement, leading to repairs totaling $1.9 million.
The City is settling the case for $975,000 under an agreement slated for approval by the Board of Supervisors on Tuesday.
“A string of really unfortunate circumstances led to this unique building flood,” said San Francisco Public Utilities Commission spokesman Tyrone Jue. “We believe the pending settlement is fair compensation for the damaged electrical and computer infrastructure.”