SANTA ANA, Calif., Feb. 7 /PRNewswire/ -- Merrill Lynch & Co., Inc. and 14
local California government entities today announced that they have reached a
$32.5 million agreement to end the group's lawsuit against Merrill Lynch.
These 14 entities were not a part of Merrill Lynch's earlier settlement
with Orange County, which represented most of the government agencies that
invested funds in the Orange County Investment Pool. The 14 entities, known as
the Option B group, had previously entered into an agreement with Orange
County that permitted them to pursue direct litigation, rather than permitting
the County's representatives to pursue litigation on their behalf.
Representatives of the 14 entities issued the following statement
regarding the settlement:
"This is a fair settlement that is in the best interest of our communities
and taxpayers. We appreciate that Merrill Lynch took a constructive approach
to resolve this matter." The Option B group previously reached monetary
settlements with Orange County and others.
Merrill Lynch said: "After weighing the substantial costs and distraction
of continuing to litigate, we determined that it would be in the best
interests of all parties to bring this matter to a close."
The 14 entities are: Atascadero; Buena Park; the Buena Park Redevelopment
Agency; Claremont; Milipitas; Montebello; the Montebello Community
Redevelopment Agency; Mountain View; Santa Barbara; the Santa Barbara
Redevelopment Agency; the Santiago County Water District; Yorba Linda; the
Yorba Linda Redevelopment Agency; and the Yorba Linda Water District.
The settlement is subject to the approval of each agency's governing body.
SOURCE Merrill Lynch & Co., Inc. and Option B Group
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Related links:
http://www.merrilllynch.com
Company News On-Call:
http://www.prnewswire.com/comp/555800.html or fax,
800-758-5804, ext. 555800
CONTACT:
Bill Halldin of Merrill Lynch, 916-498-9555;
or Daniel Wallace, Santa Barbara City Attorney for Option B
Group, 805-564-5332
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