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Wickes Reaches Accord: Wickes Cos. said it...

Wickes Reaches Accord: Wickes Cos. said it has signed “a memorandum of understanding” that outlines a proposed settlement of several shareholder lawsuits. The suits allege, among other claims, violations of federal securities laws arising out of former management’s tender offer for Wickes, based in Santa Monica. The offer was dropped in October, 1988. Subsequently, Wickes was acquired by WCI Holdings Corp. Under the proposed settlement, Wickes intends to set up a $4.5-million settlement fund for distribution to the shareholders who filed the lawsuits and their attorneys, and to pay settlement costs.


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