Philippe Jorion's

Orange County Case:

Settlements in OC Bankruptcy

Date	Event
Dec. 6, 1994	County declares bankruptcy
Jun. 19, 1997	Merrill pays $30 million to settle criminal investigation by county, including $3m in expenses
Dec. 96-Feb.97	Merrill and other brokers pays $7.55 million to settle class-action lawsuits
Jan. 29, 1998	First Boston settles with SEC for $870,000, of which two partners pay $35,000 each
Mar. 2, 1998	Bond counsel LeBoeuf pays $10.2 million to settle a separate lawsuit by North OC Community College
Apr. 14, 1998	Bond counsel LeBoeuf pays $45 million to the county
May 8, 1998	First Boston pays $52.5 million to settle civil lawsuit by county (CSFR sold 4% of securities and agreed to share a $1.3 billion loss)
May 19, 1998	KPMG pays $75 million to settle civil lawsuit
Jun. 2, 1998	Merrill pays $437.1 million to settle civil lawsuit
August 1998	Morgan Stanley Dean Witter and Nomura Securities settle for $69.6 and $47.9 million, respectively.
June 15, 1999	Standard & Poor's settles for $140,000.
Feb. 7, 2000	Merrill settles a separate lawsuit with "Killer B's", a group of cities that pursued separate legal claims, for $32.5 million.
Feb. 24, 2000	County disburses $865 million in settlements.

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Contents (c) 2001 - Philippe Jorion