WPPSS Settlement Proposed
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OLYMPIA, Wash. — State officials today announced a proposed $226-million out-of-court settlement that could end the $2.25-billion securities fraud trial over the default on bonds to finance two Pacific Northwest nuclear plants, Washington Public Power Supply System plants Nos. 4 and 5.
The settlements, if approved by the remaining defendants and the federal judge presiding over the trial in Tucson, Ariz., would bring to nearly $600 million the total settlements reached in lawsuits filed by the approximately 24,000 bondholders following the nation’s largest municipal bond default in 1983.
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