Spotlight: O.C. Schools to Share in $45-Million Payout

The first major legal settlement in Orange County’s effort to recover its bankruptcy losses was announced, with school districts set to receive more than half the $45-million windfall. Under the deal, the county will drop its suit against LeBoeuf, Lamb, Greene & MacRae, the New York law firm that served as bond counsel leading up to the December 1994 financial collapse. The $45-million settlement is one of the largest professional liability payouts by a law firm ever.