OTHER NEWS - Aug. 7, 1991

IRS Files Claim Against Inside Trader: The Internal Revenue Service filed a tax claim of $15.4 million against Dennis Levine, which would more than wipe out the former investment banker’s $13.5-million insider-trading settlement fund and leave nothing for defrauded investors. The IRS filed its claim, which includes interest and penalties, after a federal judge rejected the Securities and Exchange Commission’s third proposal for distributing the settlement fund. Under the terms of that plan, the IRS would have been entitled to 76% of the fund. Judge Richard Owen said the distribution plan was unfair to Levine because it left open the possibility that he later would have to pay millions of dollars in back taxes.