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La Quinta Ca Suits

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January 16, 1992 | From Times Staff and Wire Reports
First Civil Lawsuits Filed in Wymer Case: The cities of Loma Linda and La Quinta have filed lawsuits against Newport Beach investment adviser Steven D. Wymer to try to recover about $16.8 million in allegedly misappropriated funds, the cities' attorney said. The civil claims are the first from 10 California cities that lost a total of about $45 million they had entrusted to Wymer for what they believed would be low-risk investments in U.S. government securities.
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BUSINESS
January 16, 1992 | SONNI EFRON, TIMES STAFF WRITER
In the opening shots of what is sure to be an expensive legal war, the cities of Loma Linda and La Quinta have filed lawsuits against Newport Beach investment adviser Steven D. Wymer to recover about $16.8 million in allegedly misappropriated funds, the cities' attorney said Wednesday. Meanwhile, city officials in Orange, which lost $7 million, sought to reassure residents that the city has ample financial reserves and won't have to cut staff or raise taxes despite a $5.
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BUSINESS
January 16, 1992 | SONNI EFRON, TIMES STAFF WRITER
In the opening shots of what is sure to be an expensive legal war, the cities of Loma Linda and La Quinta have filed lawsuits against Newport Beach investment adviser Steven D. Wymer to recover about $16.8 million in allegedly misappropriated funds, the cities' attorney said Wednesday. Meanwhile, city officials in Orange, which lost $7 million, sought to reassure residents that the city has ample financial reserves and won't have to cut staff or raise taxes despite a $5.
BUSINESS
January 16, 1992 | From Times Staff and Wire Reports
First Civil Lawsuits Filed in Wymer Case: The cities of Loma Linda and La Quinta have filed lawsuits against Newport Beach investment adviser Steven D. Wymer to try to recover about $16.8 million in allegedly misappropriated funds, the cities' attorney said. The civil claims are the first from 10 California cities that lost a total of about $45 million they had entrusted to Wymer for what they believed would be low-risk investments in U.S. government securities.
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