Pic ‘n’ Save sued Drexel Burnham Lambert.

The Carson-based retailer filed a suit in Los Angeles Superior Court alleging that Drexel Burnham has been distributing prospectuses on behalf of Pay ‘n Save and its PNS Inc. subsidiary that contain allegedly false and misleading information. The information concerns William Zimmerman’s role when he was chairman of Pic ‘n’ Save. He is now chairman of Seattle-based Pay ‘n Save, which was not named as defendant in the suit.