YORBA LINDA : City OKs Settlement, Has Option to Sue
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Officials this week selected Option B for recovering the city’s money from Orange County’s failed investment pool.
Under that plan, the city will receive about $8 million of the $13.5 million it had in the pool on Dec. 6, when the county sought bankruptcy protection. The city retains the right to sue the county to recover the rest.
Councilman John M. Gullixson said the decision was made in part because officials think the city has a better chance of recovering all of its money if it takes legal action against firms such as brokerages that participated in the risky strategies that led to the pool’s collapse.
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