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COLUMBIA S&L SUES MILKEN, DREXEL

Columbia Savings & Loan Association has filed a $6 billion civil lawsuit accusing Michael Milken and other former Drexel Burnham Lambert Inc. officials of fraudulently peddling junk bonds in the 1980s.

The lawsuit, filed Wednesday by the failing savings and loan, claims that Milken and others manipulated and coerced Columbia and other thrifts into buying billions of dollars worth of the risky high-yield bonds.

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