On June 2, 1998, Orange County reached a massive $400 million settlement with Merrill Lynch,
the firm it held most responsible for steering Citron towards what the county deemed risky and
unsuitable securities. Thomas Hayes, who led the countys litigation, said he regarded the
settlement as fair while Janice Mittermeier, Orange County CEO in its recovery period, said the
resolution assures county taxpayers that those responsible for the losses that caused the
countys bankruptcy are being held accountable.
Merrill Lynch maintained as part of the settlement that it had acted properly and professionally in