Drexel Case Still in Limbo: A federal...

Drexel Case Still in Limbo: A federal appeals court refused to remove a roadblock to the final settlement of civil securities fraud charges against Drexel Burnham Lambert Inc. The settlement Drexel reached with the Securities and Exchange Commission earlier this month has been blocked from final approval because of a legal challenge to U.S. Dist. Judge Milton Pollack presiding over the case. Indicted former Drexel bond financier Michael Milken and his brother, Lowell, sought to bar Pollack because his wife had an interest in a company involved in a Drexel transaction. Resolution of the SEC pact also is needed before Drexel can formally plead guilty to six felonies and pay $650 million to settle criminal charges.