A summary of Southern California-related business litigation developments during the past week.
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Shareholder Sues CalFed: A shareholder sued four former and current officers of the parent company of California Federal Savings & Loan on behalf of himself and others who bought stock between Jan. 1, 1987, and Oct. 19, 1990, alleging that it inflated its securities to boost stock market prices. The federal court class-action suit filed on behalf of Arnold Cohen alleges that CalFed Inc. misrepresented its financial condition in annual reports filed between 1986 and 1989. CalFed reported a third-quarter net loss Oct. 19 of $92.3 million. (Case No. 90-5753. Filed Oct. 24, 1990.)
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