WASHINGTON -- The District of Columbia concluded last week that Lazard Freres & Co. and Merrill Lynch & Co. did not reap undue profits or violate their contracts with the district in connection with two interest rate swap deals the firms managed in 1991 and 1992.

The firms had an agreement to design and market interest rate swaps to the public sector at the time of the district offerings, and they had agreed to split fees on any joint swap deals.

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