*Approve third Revised Settlement Agreement in the matter of City of Portland v. Monsanto et al.

The City of Portland ordains: Section 1. The Council finds: On February 3, 2021, by Ordinance 190284, Portland City Council approved and authorized a Revised Settlement Agreement for litigation authorized by Council on March 16, 2016, by Resolution 37197. On May 5, 2021, by Ordinance 190382, Portland City Council approved and authorized a Second Revised Settlement Agreement for litigation authorized by Council on March 16, 2016, by Resolution 37197. The litigation is regarding the public nuisance caused by Monsanto Company’s manufacture and distribution of polychlorinated biphenyls (referred to as PCBs) and the resulting impairment of water bodies. The presiding judge for this matter in the U.S. District Court for the Central District of California has requested additional revisions to the proposed Revised Settlement regarding fund administration. The City, through its outside counsel, has since prepared the Third Revised Settlement Agreement in response and attached as Exhibit A to this Ordinance (Third Revised Settlement Agreement). The settlement is included in a Motion for Certification of Settlement Class, Preliminary Approval of Class Action Settlement, Approval of Notice Plan, Appointment of Class Action Settlement Administrator and Appointment of Class Counsel (Case No. CV16-3493 FMO (AS)). The revisions relate to the administrative processes for distributing settlement funds. Additionally, the revisions require Monsanto to pay for costs related to a Special Master to oversee the settlement distribution. As in the original Settlement Agreement, the Third Revised Settlement Agreement: Provides that Monsanto Company will pay $550 million to over 2,500 public bodies nationwide including the City as part of a class action lawsuit to be filed in the USDC for the Central District of California; Does not specify the amount that the City would receive because that will be determined based on the ultimate number of class members and the determinations of a Special Master regarding division of funds; and Does not direct or restrict the expenditure of settlement funds by the City. Taking into consideration the risks, uncertainties and delay associated with this complex and novel litigation, the Third Revised Settlement continues to provide the City a more certain benefit in a shorter timeframe than continued, protracted litigation. The Third Revised Settlement Agreement continues to provide monetary benefits nationwide to local jurisdictions that are impacted because of PCB impaired waterways in their communities. Council does not wish to alter the findings or directions for holding and distributing funds that the City will receive as previously adopted in Ordinances 190050 and 190284. NOW, THEREFORE, the Council directs: Council hereby approves of, adopts and gives full force and effect to the Third Revised Settlement Agreement attached as Exhibit A. Section 2. The Council declares that an emergency exists because any future delay in approving the Settlement Agreement could harm the City’s standing in the settlement process and class action proceeding, thereby harming the public interest; therefore, this Ordinance shall be in full force and effect from and after its passage by Council.