Drexel Burnham Lambert Group Inc. v. Identified on Schedule 1 (In re Drexel Burnham Lambert Group Inc.)

CARDAMONE, Circuit Judge:

This appeal concerns a $1.3 billion global settlement of civil claims that arose as a result of Michael Milken’s illicit activities as head of Drexel Burnham Lambert Group’s High Yield and Convertible Bond Department. Milken, who pioneered the use of low-grade, high-yield junk bonds to finance takeovers and leveraged buyouts while serving as head of Drexel’s junk bond group, had his office in Beverly Hills, California, far removed from and independent of Drexel’s New York City headquarters. He became the leading disciple of the theory that sheer greed is what drives…