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November 24, 1994|From Times Staff and Wire Reports

Arco Gets IRS Clearance to Reimburse Fund for Losses: Atlantic Richfield Co. said the Internal Revenue Service will allow it to pay nearly $23 million into its employee benefit plans to cover derivatives-related losses incurred by its Money Market Plus Fund. The repayment includes more than $22 million lost earlier this year in the sale of bank certificates of deposit and notes with underlying derivative features, plus $500,000 to cover interest Arco said the plans might have earned. The oil company said it is not its policy to reimburse employees for fund losses but that it chose to do so in this case since investors had the impression their money wasn't at risk.

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