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Spotlight: O.C. Schools to Share in $45-Million Payout

April 15, 1998

The first major legal settlement in Orange County's effort to recover its bankruptcy losses was announced, with school districts set to receive more than half the $45-million windfall. Under the deal, the county will drop its suit against LeBoeuf, Lamb, Greene & MacRae, the New York law firm that served as bond counsel leading up to the December 1994 financial collapse. The $45-million settlement is one of the largest professional liability payouts by a law firm ever.

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