Procter & Gamble Co. and Bankers Trust New York Corp. have settled their high-profile derivatives case, with the consumer goods company agreeing to pay about $50 million of the $195 million in dispute.

Both sides claimed victory. The case centered on two derivatives contracts that soured when rates rose in 1994. P&G shares rose $1.375, to $85.625, on the news, and Bankers Trust gained 12.5 cents to close at $70.25.

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