A summary of Southern California-related business litigation developments during the past week.
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Drexel Burnham Sued by Fired Manager: The former Western regional manager of Drexel Burnham Lambert Inc. sued the beleaguered firm in U.S. District Court Los Angeles, seeking more than $1.1 million plus punitive damages for alleged misrepresentations. W. John Wallace III said he was given a three-year employment contract in May, 1989, only to be fired on Feb. 16. The action claims that Drexel Burnham breached Wallace’s employment contract and misled him about its financial stability. (Filed April 19, 1990. Case No. C758772)
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