PRU-BACHE WINS MOST SUIT POINTS

The dispute arose out of a foreign currency trading program that collapsed in January 1987 leaving Pru-Bache holding millions in unpaid debit balances rolled up by investors with accounts in the firm's Richmond and Lynchburg offices. [Thomas V. Blanton Jr.], 43, who was one of Pru-Bache's top salesmen when the bubble burst, ultimately filed a Chapter 11 bankruptcy petition in early 1988. Blanton's lawsuit against the firm and James E. Trice, one of its regional managers, was in part an attempt to recover about $1.2 million in his deferred compensation account. Pru-Bache said it was holding the money because it wanted to use it to set off Blanton's outstanding indebtedness to the firm of more than $1.9 billion. The point that Blanton won related to his claim that Pru-Bache breached a fiduciary duty to him when it failed to withhold enough money to pay his taxes when the money was being withdrawn from the deferred compensation account. The judge directed the firm to pay $383,000 to the Internal Revenue Service to cover the two 1987 withdrawals and to make appropriate tax payments on the $1.2 million it continues to hold.

Full text: Richmond Times - Dispatch, Jun 1, 1989

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Dollar Climbs on Fears of Mideast War, Belief Treasury May Support Currency

The dollar rose sharply Nov 3, 1990, sustained by fears of a war in the Middle East and propelled through chief resistance levels by suspicions that major monetary officals may seek to prevent further depreciation of the US currency. Late in the New York trading day, the dollar was quoted at 1.5144 German marks and 134.79 yen.

Full text: Wall Street Journal, Dec 4, 1990

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