OTHER NEWS - July 17, 1995

Merrill Lynch, Coopers in $100-Million Insurance Settlement: The nation’s largest brokerage house and two other firms have agreed to pay Florida $100 million to settle a lawsuit stemming from the largest insurance failure in state history. The state had accused Merrill Lynch Corp., the accounting firm of Coopers & Lybrand, and the New York law firm of Shereff, Friedman, Hoffman & Goodman of hiding the financial condition of Jacksonville, Fla.-based Guarantee Security Life Insurance Co. between 1984 and 1991, when the company was seized by the Florida Department of Insurance. Guarantee’s founder and directors, who have been accused by the state of “looting” $100 million from the company, will stand trial Sept. 25. Merrill will pay $45 million; Coopers, $50 million, and the law firm, $5 million.