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BRIEFLY

Two shareholders sued Columbia Savings.

May 23, 1986

The suit accused the directors of the S&L of breaching their fiduciary duties when they recently approved a new class of preferred stock that was intended to help the Spiegel family consolidate its control over the Beverly Hills company. Defendants in the suit, which was filed in Los Angeles County Superior Court, include Chairman Abraham Spiegel and his son, Thomas, who is chief executive. Thomas Spiegel declined comment.

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