LOS ANGELES -- California Treasurer Kathleen Brown awarded Orrick, Herrington & Sutcliffe a highly coveted two-year contract as general obligation bond counsel after the firm agreed to match a rival's lower bid.

Among the seven finalists in the competition, Cox, Castle & Nicholson submitted the lowest bid, setting its fee at 5.3 cents for every $1,000 of GOs the state issues. Orrick's original bid was slightly higher -- a flat fee of six cents per $1,000 of bonds.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.