ROANOKE TIMES 

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, March 10, 1992                   TAG: 9203100128
SECTION: BUSINESS                    PAGE: A-3   EDITION: METRO 
SOURCE: 
DATELINE: NEW YORK                                LENGTH: Short

JUDGE APPROVES MILKEN SETTLEMENT

A federal judge Monday approved a $1.3 billion settlement of all lawsuits against Michael Milken and other former Drexel Burnham Lambert Inc. associates after federal thrift regulators joined the deal.

The decision cleared the way for U.S. District Judge Milton Pollack to approve the bankruptcy court reorganization of Drexel, the 1980s junk-bond titan that crashed in infamy after admitting criminal wrongdoing.

The reorganization plan, 25 months after Drexel collapsed into Chapter 11, was approved earlier by U.S. Bankruptcy Judge Francis G. Conrad Jr.

The developments came after the Federal Deposit Insurance Corp. agreed to back the $1.3 billion Milken settlement, which was criticized in Washington for leaving Milken too much money. - Associated Press 


 by CNB