Orange County
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Update on Merrill Lawsuit: William Popejoy, Orange County’s chief executive, will issue an update Thursday on the status of the county’s litigation against Merrill Lynch & Co. In a lawsuit filed Jan. 12, the county blamed the giant Wall Street brokerage for its financial crisis and said the company concocted an exotic investment scheme that broke state law. The county is seeking to recover $2.4 billion, the entire amount Merrill Lynch handled in reverse repurchase agreements for former county Treasurer Robert L. Citron. Popejoy, since taking over as CEO, has promised to pursue all lawsuits seeking to link investment companies to the county’s financial problems.
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