FOR IMMEDIATE RELEASE
June 2, 1998
Contact: Candy Haggard
(714) 834-3033
Orange County, Merrill
Lynch Announce Settlement Lawsuit
Santa Ana, California
(June 2, 1998)
Thomas Hayes, Representative, Orange County Litigation
Fund, informed the Board of Supervisors on June 2, 1998
that a settlement has been reached in the County of Orange’s
case against Merrill Lynch.
The $400 million dollar settlement, plus a $20 million
return of excess collateral, will be distributed in accordance
with the Plan of Adjustment from the Bankruptcy Court.
"We are pleased to have resolution of this very complicated
issue," said Janice M. Mittermeier, the County’s
Chief Executive Officer. "We believe this resolution
assures county taxpayers that those responsible for the
losses that caused the County’s bankruptcy are being
held accountable."
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