Hunt Settles Lawsuits: Multimillionaire Lamar Hunt and...
Hunt Settles Lawsuits: Multimillionaire Lamar Hunt and other defendants have agreed to settle two lawsuits, one of them a class action, stemming from the alleged attempt by Hunt and his brothers to corner the silver market in 1979 and 1980, Hunt’s attorney reported. Hunt and other defendants, which include the giant investment firm Merrill Lynch & Co., agreed to create a $58-million settlement pool to compensate members of the class, said attorney James T. Seigfreid. Hunt, owner of the Kansas City Chiefs professional football team, would contribute 4.7% of the settlement pool up to a maximum of $2.75 million, Seigfreid said. Hunt, his brothers Nelson Bunker and William Herbert, and a number of other defendants were named in the suits filed in 1982 and 1984 by people who claimed that they lost money in futures trading because of the alleged attempt to corner the silver market.
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