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CRAZY EDDIE SETTLEMENT ANNOUNCED

 NEW YORK, March 29 /PRNewswire/ -- Cadwalader, Wickersham & Taft, attorneys for Crazy Eddie, Inc., today released the following statement:
 The parties involved in litigation over the bankrupt consumer electronics chain, Crazy Eddie, Inc., today announced a global settlement of all outstanding class claims against numerous defendants. The settlement does not include the claims outstanding against Eddie Antar, Crazy Eddie's former chairman and chief executive officer who is currently in the custody of federal authorities in New Jersey pending his trial on a federal securities fraud and RICO indictment.
 The settlement involves suits filed in 1987 and 1988 in federal court in Brooklyn, which are pending before the Honorable Eugene H. Nickerson, by a class of Crazy Eddie securities purchasers, individual suits brought by Elias Zinn, and Mr. Zinn's company, Entertainment Marketing, Inc., the Oppenheimer-Palmieri Fund, L.P. and Crazy Eddie which is in bankruptcy, against various defendants. All settling defendants denied liability in the suits.
 Terms of the settlement (which were negotiated with the assistance of Magistrate Judge Zachary W. Carter), pending court approval, include the dismissal of claims against all settling defendants in exchange for payment of up to $42 million in the class action suits.
 The individual suits will also be dismissed as part of a pending separate settlement in exchange of payments of $7.5 million to Elias Zinn and Entertainment Marketing, Inc., $7 million to the Oppenheimer- Palmieri Fund, L.P., and $4 million to Crazy Eddie, Inc. The individual plaintiffs asserted a variety of claims, including claims which were not asserted in the class action suits.
 Lead counsel for class plaintiffs were the firms of Sirota & Sirota; Abbey & Ellis; Milberg Weiss Bershad Specthrie & Lerach; Stull, Stull & Brody and Law Offices of Joseph H. Weiss.
 Counsel for Elias Zinn and Entertainment Marketing, Inc. is Max Folkenflik of Folkenflik & McGerity; counsel for the Oppenheimer- Palmieri Fund is C. Stephen Howard of Milbank, Tweed, Hadley & McCloy.
 Counsel for Crazy Eddie, Inc. is Howard R. Hawkins Jr. of Cadwalader, Wickersham & Taft.
 -0- 3/29/93
 /NOTE TO EDITORS: Because this news release was negotiated among the parties involved, a spokesperson for Cadwalader, Wickersham & Taft can only provide limited explanation./
 /CONTACT: David S. Wachsman of David S. Wachsman Associates, Inc., 212-725-5511, for Cadwalader, Wickersham & Taft/


CO: Crazy Eddie, Inc. ST: New York IN: REA SU:

AH-CK -- NY046 -- 0469 03/29/93 11:27 EST
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Date:Mar 29, 1993
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