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$650 MILLION PARTIAL DISTRIBUTION -- LARGEST IN HISTORY -- TO BE MADE IN WPPSS CASE

 $650 MILLION PARTIAL DISTRIBUTION -- LARGEST IN HISTORY --
 TO BE MADE IN WPPSS CASE
 NEW YORK, NOV. 2 /PRNewswire/ -- Distribution of more than a half billion dollars, the largest amount in history resulting from Federal securities class litigation, will be made within the next 10 days to people who bought Washington Public Power Supply System No. 4 and No. 5 bonds between Feb. 23, 1977 and June 15, 1983. An additional $147 million is being distributed to Chemical Bank, the indenture trustee for the bonds, for future distribution to holders of WPPSS project No. 4 and No. 5 bonds.
 According to Melvyn I. Weiss, a senior partner of Milberg Weiss Bershad Specthrie & Lerach, who was co-lead counsel for the WPPSS class members, the United States Supreme Court today, (Nov. 2) denied final appeal of the settlement that he and his colleagues reached with the defendants in the complex litigation. As a result, a partial payment of $504 million will be distributed to 27,000 class members, and $147 million additional to the trustee for those still holding the bonds, in keeping with the order issued by Judge William D. Browning, the Tucson, Arizona trial judge in the WPPSS case.
 Mr. Weiss, who noted that the litigation began almost 10 years ago, expressed satisfaction that the thousands of bondholders would finally recover monies lost in the largest municipal bond failure in United States history. Additional funds are being kept in escrow as reserves for unresolved aspects of the litigation and it is likely that additional monies will be distributed in the future.
 -0- 11/2/92
 /CONTACT: Melvyn Weiss of Milberg Weiss Bershad Specthrie & Lerach, 212-594-5300/ CO: Milberg Weiss Bershad Specthrie & Lerach ST: New York IN: SU:


LD-TM -- NY078 -- 1759 11/02/92 16:36 EST
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Publication:PR Newswire
Date:Nov 2, 1992
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