A summary of Southern California-related business litigation developments during the past week.
Unocal Shareholders Sue Raiders: Two shareholders of Unocal Corp. sued deposed junk bond king Michael Milken, Drexel Burnham Lambert and a dozen of the nation’s best-known corporate raiders Thursday in U.S. District Court, claiming Milken violated racketeering laws to oversee and finance an unsuccessful 1985 takeover attempt at Unocal by T. Boone Pickens Jr. The suit seeking $750 million was filed on behalf of shareholders Dorothy Shames and Rodney B. Shields. Drexel officials had no comment. (Filed March 15, 1990, Case No. CV90-1281)
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