10 DECEMBER 1994, Page 32

Double or sue

WELCOME TO Orange County, Califor- nia, twinned with the London Borough of Hammersmith and Fulham. Oranges Ivil Citron (I promise you) has lost $1.5 billion playing clever games with derivatives in th,c financial markets. When Ham and Ful that, our wimpish courts let them off par ing. More robustly, Orange will surelY J°T the queue of losers who are suing thel banks in the American courts for ba" advice. A treasurer I know is offering t° deal in derivatives on the basis that if she wins she keeps the money, but if she loses she sues. No takers so far.