Charles Co. sues over investment loss

June 23, 1995|By Marcia Myers | Marcia Myers,Sun Staff Writer

Charles County lost more than $8 million in risky "derivative" investments -- triple the amount previously reported, according to the county attorney, who has filed a lawsuit against the brokers who arranged the investments.

Original estimates last fall put the county's loss at $2.8 million. But County Attorney Roger Lee Fink said yesterday that the loss is now believed to total about $8.5 million.

"We've said all along, since we first discovered this situation last July, that we would seek all possible legal action to recover all of the county's money," he said.

In the suit filed Wednesday in U.S. District Court in Baltimore, the county asked for nearly $6 million in damages from brokers at three companies that arranged the investments.

Principals in Liberty Capital Markets Inc. of California, Murchison Investment Bankers Inc. of Texas and Trading Desk Inc. of Colorado were named in the suit.

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