A summary of Southern California-related business litigation...

A summary of Southern California-related business litigation developments during the week of Dec. 18.

Class-Action Suit Filed Against Columbia Savings: A shareholder class-action suit was filed in U.S. District Court in Los Angeles Wednesday against Columbia Savings & Loan Assn., charging that the Beverly Hills thrift delayed reporting its losses in the junk bond market to keep its stock price artificially inflated. Columbia lied to its shareholders by reporting a profit in the second quarter of 1989 to benefit the Spiegel family, owners of 70% of the company’s stock, the suit said. The thrift owns $3.8 billion in junk bonds, the largest portfolio of junk bonds held by any S&L; in the country. The suit was filed in the name of Violet Klein, who bought 2,000 shares of Columbia on Sept. 15, 1989. The suit seeks to represent those who held shares of Columbia’s common stock between Aug. 9, 1989, and Oct. 25, 1989. Columbia Savings officials had no comment. (Filed Dec. 20, 1989, Case No. CV89-7327.)