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JONES, DAY AUTHORIZES INSURANCE CARRIER TO CONCLUDE SETTLEMENT

 JONES, DAY AUTHORIZES INSURANCE CARRIER TO CONCLUDE SETTLEMENT
 CLEVELAND, March 30 /PRNewswire/ -- Jones, Day, Reavis & Pogue has authorized its insurance carrier to conclude a settlement of the American Continental Corporation bondholder litigation now in trial in federal district court in Tucson, Ariz.
 The settlement, which is covered by insurance, provides for a payment of $24 million to the plaintiff class. Four other law firms previously have settled with plaintiffs. The Arthur Andersen accounting firm agreed to a settlement two weeks ago, and other settlements are expected.
 Jones Day Managing Partner Richard W. Pogue said:
 "We continue to believe that our conduct in this matter was entirely proper. We gave our client the right advice. The very limited Jones Day opinion included in the Registration Statement was correct in all respects.
 "Unfortunately, as other defendants continued to settle there was an increasing risk that jury sympathy for the persons who bought American Contintental debentures through Lincoln Savings offices would overwhelm the facts concerning the correctness of our actions and our limited role in the debenture offering. The Firm's insurance carrier, with our concurrence, agreed to this settlement to put this lawsuit behind us."
 -0- 3/30/92
 /CONTACT: Richard W. Pogue, 216-586-7300, or Terri O'Rourke-Mazzotti, 216-586-7359, both of Jones, Day, Reavis & Pogue/ CO: Jones, Day, Reavis & Pogue ST: Ohio IN: SU:


SM -- CL009 -- 2786 03/30/92 10:21 EST
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Publication:PR Newswire
Date:Mar 30, 1992
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