The Legal Cost of Recovering Funds
Many people are concerned about our (City of Bellflower’s) recent loss of public funds invested through E. F. Hutton. The same public funds that totaled $6.5 million a little over a year ago. As of Oct. 31, that fund has been reduced to $3,363,129.
We know, after reading many newspaper accounts and being informed by our city attorney, Maurice O’Shea, that the city is trying to recover the loss or at least part of it. Lacking recovery, litigation is being explored.
(Has) the Bellflower City Council considered what the legal expenses would be if action is taken against E. F. Hutton? Legal expenses which would then compound the investment loss.
Our only request now would be that the E. F. Hutton matter be concluded without any further loss of public funds.
RONALD PRICE
Bellflower
Price is chairman of Bellflower Citizens Concerned.
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