On July 26, 2007, the Miami City Commission approved a settlement that would authorize a refund in the Fire Fee case, 98-11208 and 05-2117. The City has agreed to establish a fund in the amount of $15,550,000, to refund any property owner in the City of Miami who paid the Fire/Rescue Assessment (1997-1998 through 1999-2000), or who paid the Fire Assessment (2000-2001 through 2006-2007), and to cover Court determined attorney's fees and administrative costs.

        In addition, the law firm of Adorno & Yoss approved a Settlement that would contribute an additional $1,600,000 to the same Common Fund for claims the Class has alleged against it for events that took place during the Fire Fee case.

        On May 5, 2008, the Circuit Court of the Eleventh Judicial Circuit in and for Miami-Dade County, Florida, certified for settlement purposes only, a class action. The class consists of all persons or entities (including qualified legal successors as defined in paragraph 1.18 of the Settlement Agreements) that owned property in the City of Miami, Florida, including the City's former and current employees, agents, representatives, officials, officers, and their immediate family members, standing in their individual capacity as taxpayers, that paid the Fire/Rescue Assessment and/or Fire Assessment collected by the City from fiscal year 1997-1998 through and including fiscal year 2006-2007. The City of Miami is excluded from the Class.

        On the same date, May 5, 2008, the Court also preliminarily approved the proposed separate Settlements the Class had reached with the City of Miami (for $15,550,000) and the Class had reached with Adorno & Yoss ($1,600,000). Although separate, the Settlements will be administered together.

        On or before June 19, 2008, a Notice more fully describing the Settlements and a Request for Refund Form will be sent to each identifiable City of Miami property owner who may be eligible for a refund. This Notice will more fully describe the Settlements, and what one must do if one wishes to participate in the Settlements.

        If a property owner does not wish to participate in the Settlements, the property owner must elect to opt out on or before July 10, 2008. The Notice describes the procedure each and every property owner must follow to opt out. A property owner may elect to opt out of the Settlement with the City only, the Settlement with Adorno & Yoss only, or both. If a property owner opts out, they will not be eligible for any benefits; will not be allowed to object to any terms of the Settlements; will not be bound by any Court rulings with respect to the Settlements; and will have to bring their own lawsuit, at their own expense, against the City and/or Adorno & Yoss.

        If a property owner does wish to participate in the Settlements, but has an objection to any part of the Settlements, the property owner must elect to object on or before July 10, 2008. The Notice describes the procedure each and every property owner must follow to object.

        The Court itself will decide at the Fairness Hearing how much the lawyers representing the class are to be paid, pursuant to standards established under Florida law. It will hold a hearing in advance - on June 23, 2008 at 10:00 a.m. EDT at 73 West Flagler Street, Courtroom 11-1, Miami, FL 33130 - to receive testimony and other evidence relating to the attorneys' fee request. Objections must be made by July 10, 2008. Supplemental written materials related to the attorneys' fees can be filed with the Court until July 16, 2008.

        The Court has set the Fairness Hearing for July 30, 2008, at 10:00 a.m. EDT, at 73 West Flagler Street, Courtroom 11-1, Miami, Florida, 33130. At this time the Court will determine whether it will give final certification to the Class, and find the Settlements are fair, reasonable and adequate.

        If the Court approves the Settlements on July 30, property owners will have until September 2, 2008 to submit their completed Request for Refund Forms to the Settlement Administrator. Thereafter, the Administrator will process the Forms and issue Settlement checks.

        At this time, it is not known how much each property owner will receive in the form of a refund. The refund amount will be calculated and refund checks will be issued to those who submit fully completed Request for Refund Forms after several variables are determined. These include: 1) How much interest will be earned on the common fund; 2) How much will be awarded by the Court to Class counsel in attorneys' fees and costs; 3) How much will be approved by the Court in administrative costs; and 4) How many eligible property owners apply for a refund.