SECURITIES

Settlement Finalized in Milken Litigation: The action by U.S. District Judge Milton J. Pollack on the $1.3-billion settlement of civil claims against former junk bond king Michael Milken ends one of the most complex securities cases in history. The settlement, which covers more than 180 cases involving thousands of claimants, was originally reached in March of last year, but many details needed to be resolved before it could be implemented. Payouts to claimants, including the federal government, California Insurance Commissioner John Garamendi (on behalf of Executive Life policyholders) and bondholders in Lincoln Savings & Loan parent American Continental Corp., will begin immediately.