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$50 MILLION CLASS ACTION SETTLEMENT IN MILKEN CASE

 $50 MILLION CLASS ACTION SETTLEMENT IN MILKEN CASE
 PHILADELPHIA, March 12 /PRNewswire/ -- U.S. Judge Milton Pollack


has preliminarily approved another piece of the Michael Milken/Drexel Burnham Lambert, Inc., case, the settlement of a worldwide class-action suit that sets aside $50 million for those who have as yet not asserted claims.
 The class-action settlement, approved late Wednesday (March 11), will afford relief to persons and businesses who have suffered investment losses and have not and would likely never be in a position to bring their own cases, according to David Berger, a co-counsel in the class-action settlement, as well as one of the architects of the overall settlement, most of which was announced earlier this week.
 Pollack's approval of the class action clears the way for notification to members of the class of the terms of the settlement, so that they can determine whether they wish to participate in it by simply filing a claim. Notification will be under the supervision of Pollack, and will be given by mailings and use of the print and electronic media. Berger praised Pollack's handling of the multitude of cases in the overall settlement:
 "Not only does this settlement lay to rest litigation against Drexel and Milken, thereby helping to bring the curtain down on an unprecedented era of financial speculation of the 1980's, but the use of the global class action also represents a novel innovation in complex litigation."
 Berger said the overall settlement with Milken and others was designed to lay to rest, as much as practically possible, all litigation associated with Milken and Drexel and arising out of their key role in issuing, marketing and promoting high yield "junk bonds" and facilitating the takeover wave of the 1980's.
 Berger said that Judge Pollack's use of a class action to supplement the larger settlement -- by marshaling and resolving as much as practically possible all potential claims against the settling parties -- represents a significant innovation in the field of complex litigation.
 Berger also pointed out: "The global class action will afford any person with a Drexel-related claim not previously asserted the potential opportunity for some type of compensation for events which took place long ago and which would otherwise be difficult to pursue."
 Berger, a pioneer in the field of class actions and complex litigation, is also one of the principal proponents of the Drexel bankruptcy proceedings that cover in part some of the same claims subject to the overall settlement.
 All told, a recovery of approximately $2 billion will be available to public security holders, fraud victims or others allegedly injured by the activities of Drexel Burnham Lambert.
 -0- 3/12/92
 /CONTACT: Andrew Plesser or Jim Grossman, 212-489-6900, for Berger & Montague; or David Berger of Berger & Montague, 215-875-3030/ CO: Drexel Burnham Lambert, Inc.; Berger & Montague ST: New York, Pennsylvania IN: SU:


GK -- NY066 -- 7492 03/12/92 15:14 EST
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Publication:PR Newswire
Date:Mar 12, 1992
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