BANKING & FINANCE - Dec. 28, 1993
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Belzberg Firm Receives Settlement from Milken: Westminster Capital Inc., a former holding company for failed FarWest Savings & Loan, said it will receive a $26-million settlement from former junk bond financier Michael Milken and defunct investment banking firm Drexel Burnham Lambert Inc. Beverly Hills-based Westminster, chaired by Canadian millionaire William Belzberg, said it expects to receive $16.8 million of the settlement after court-approved attorney fees of $9.1 million are deducted. The settlement stems from allegations that failed thrifts such as Newport Beach-based FarWest, Lincoln Savings & Loan in Irvine and Columbia Savings & Loan in Beverly Hills were bilked out of funds by risky junk bond trading and illegal manipulation of the junk bond market.
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