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Dylan Remgold, County• Attorney Wilham K. DeBraal, Deputy County Attorney Kate Ptngolt Cotner, :assistant County Attorney Consent Agenda - B. C.C. d 516 Ofc of INDIAN RIVER COUNTY ATTORNEY VE BACKGROUND. In New York, a class action lawsuit titled In re Municipal Derivatives Antitrust Litigation is pending concerning allegations of price fixing in the sale of municipal derivative transactions by various companies (the "Litigation"). Proposed settlements have been reached with many of the companies named as defendants in the Litigation. In total, those defendants have agreed to pay $100 million for the benefit of !the plaintiff class, which includes state, local and municipal governments that purchased derivative transactions from one of the defendants or alleged co-conspirators at any time between January 1, 1992 and August 18, 2011 (the "Class"). The court in the Litigation will hold a hearing on July 8, 2016 to consider) whether the settlements are fair, reasonable and adequate to the Class. A list of the financial institutions that allegedly sold the municipal derivative transactions and the companies that allegedly brokered the sale of the municipal derivative transactions is provided in the notice of settlement. By May Ho 2016, the Indian River County Board of County Commissioners ("Board") has to decide whether to stay in the Class or exclude itself from the Class. No action is required in order to stay in the Class. If the Board decides to stay in the Class, Indian River County will have until July 28, 2016 to file a claim. The 'Board also has the right to file an objection to the proposed settlement or attend the hearing on July 8, 2016. If the Board decides to stay in the Class, the Board will relinquish its right to file a lawsuit concerning the issues and claims at stake in the Litigation. Approved for Apri15, 2016 BCC Meeting Consent Agenda COUNTY ATTORNEY Indian River Co. A proved Date Admin. 31 Co. Atty. Budget Department - - - Risk Management --- --- F"Al-3MbIGEVOULIB C CA91nd-A11—'A1igp.1 Dlfi, rnar A4 Ling—d., 58 j MEMORANDUM TO: ? Board of County Commissioners FROM: Dylan Reingold, County Attorney DATE: March 30, 2016 SUBJECT: In re Municipal Derivatives Antitrust Litigation Class Action Lawsuit BACKGROUND. In New York, a class action lawsuit titled In re Municipal Derivatives Antitrust Litigation is pending concerning allegations of price fixing in the sale of municipal derivative transactions by various companies (the "Litigation"). Proposed settlements have been reached with many of the companies named as defendants in the Litigation. In total, those defendants have agreed to pay $100 million for the benefit of !the plaintiff class, which includes state, local and municipal governments that purchased derivative transactions from one of the defendants or alleged co-conspirators at any time between January 1, 1992 and August 18, 2011 (the "Class"). The court in the Litigation will hold a hearing on July 8, 2016 to consider) whether the settlements are fair, reasonable and adequate to the Class. A list of the financial institutions that allegedly sold the municipal derivative transactions and the companies that allegedly brokered the sale of the municipal derivative transactions is provided in the notice of settlement. By May Ho 2016, the Indian River County Board of County Commissioners ("Board") has to decide whether to stay in the Class or exclude itself from the Class. No action is required in order to stay in the Class. If the Board decides to stay in the Class, Indian River County will have until July 28, 2016 to file a claim. The 'Board also has the right to file an objection to the proposed settlement or attend the hearing on July 8, 2016. If the Board decides to stay in the Class, the Board will relinquish its right to file a lawsuit concerning the issues and claims at stake in the Litigation. Approved for Apri15, 2016 BCC Meeting Consent Agenda COUNTY ATTORNEY Indian River Co. A proved Date Admin. 31 Co. Atty. Budget Department - - - Risk Management --- --- F"Al-3MbIGEVOULIB C CA91nd-A11—'A1igp.1 Dlfi, rnar A4 Ling—d., 58