Last week's out-of-court settlement between Bankers Trust New York Corp. and Procter & Gamble Co. was a double-barreled victory for the derivatives industry.

Settling the case over two derivatives contracts that soured when interest rates rose in early 1994, Procter & Gamble agreed to pay $35 million of the $195 million it owed Bankers Trust, and to forgo between $5 million and $14 million in gains on a separate contract.

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