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BUSINESS NOTES : S&P OKS PAYMENT TO ORANGE COUNTY.

SANTA ANA - Standard & Poor's has agreed to pay $140,000 to settle a lawsuit in which Orange County accused the rating agency of failing to warn against issuing bonds just before the county declared bankruptcy in 1994.

The settlement, announced Tuesday, must be approved by a judge. The county's $2 billion suit against S&P was the last one pending among the county's more than two dozen lawsuits against finance and security firms, and former financial advisers and lawyers.

If approved, the $140,000 would mean that the county has recovered $860.7 million, or more than half of the $1.64 billion it lost in the nation's largest municipal bankruptcy.

- Associated Press

MedPartners to sell California practice

LONG BEACH - MedPartners Inc. is selling its California physician practice management assets to KPC Acquisition Corp., an affiliate of Riverside-based KPC Global Care. Terms of the sale were not disclosed.

The deal is expected to close on July 31 and is subject to bankruptcy court and other approval.

MedPartners' California practice comprises agreements with Mullikin Medical Group and Southern California Medical Corp., which spans 65 clinics, 500 doctors and 511,000 enrollees in Los Angeles and Orange counties.

The clinics include offices in Burbank, Canoga Park, Glendale, Northridge, Panorama City, Sherman Oaks, Granada Hills and North Hollywood. MedPartners' administrative, ancillary and technology centers in the Southland are part of the deal.

The sale to KPC represents the bulk of MedPartners' California operations, the entirety of which comprises 900 doctors and service to 900,000 enrollees.

- Daily News

Computer trading planned for Japan

NEW YORK - In a new sign of the globalization of financial markets, the operator of the Nasdaq Stock Market and a Tokyo-based investment firm plan to launch a computerized stock market in Japan.

The National Association of Securities Dealers Inc. and the high-tech investor Softbank Corp. said Tuesday they would spend a total of $5 million on the venture, which is to begin trading by the end of next year.

Buyers and sellers will initially be able to trade shares in Japanese start-up companies and eventually the top 100 Nasdaq stocks, which include such technology bellwethers as Intel Corp. and Microsoft.

- Associated Press

Former Conrail hit by delivery delays

WASHINGTON - Delivery delays and other rail-service problems continued to plague the new owners of Conrail Inc. as they began their third week of operations Tuesday.

Rail customers of CSX Corp. and Norfolk Southern Corp., which carved up Conrail on June 1, reported late shipments of raw materials and difficulties getting the rail cars needed to pick up finished goods.

Those problems, primarily along former Conrail territory in Pennsylvania, New Jersey, New York, Ohio and Indiana, interfere with production schedules nationwide and threaten to shut down some manufacturing plants. Shippers say Norfolk Southern appeared to have more problems than CSX.

- Associated Press
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Title Annotation:BUSINESS
Publication:Daily News (Los Angeles, CA)
Geographic Code:1USA
Date:Jun 16, 1999
Words:470
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