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A law firm will pay $27 million to settle a suit.

May 14, 1987

The prominent Baltimore law firm of Venable, Baetjer & Howard agreed to pay the state of Maryland for its role in the 1985 near-collapse of the state's savings and loan industry. The state filed a $450-million suit against the law firm in July, charging that poor legal advice that the firm allegedly gave to the state's quasi-public thrift institution insurer plunged the savings and loan industry into a crisis. In agreeing to the settlement, Venable specifically denied any wrongdoing.

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