But making a deal had another result, one that may be important to the Saudi leaders from whom Sheik Kamal has been estranged in recent years -- it keeps him from being a trial defendant in a case that has greatly embarrassed the Saudi Government. Playing His Hand

At first in his dealings with investigators, Sheik Kamal took the tough stance, that he could resist prosecution by staying in Saudi Arabia. "We played that card," said Mr. Cacheris, who admits it was in an unsuccessful hand, partly because his client "did not wish to lead the type of life restricted to him."

But when prosecutors called his bluff, and let Sheik Kamal know he was to be indicted, the Saudi businessman quickly offered a settlement. Prosecutors and defense lawyers say that from the start he was willing to pay $100 million.

"He was willing to pay his share," Mr. Cacheris said. He said it was important to the sheik that a portion of the money would reimburse people hurt by the fraud. Reaching a Compromise

But the grueling negotiations almost fell apart several times, usually because of details, like the allotment of the money. The discussions nearly collapsed last weekend, they said, over whether information he provided could ultimately be used against him, but a compromise was reached.

Finally, Sheik Kamal agreed to answer all of the prosecutors' questions, and gave them the power to rescind the deal if he did not fully cooperate.

As the B.C.C.I. scandal has unfolded over the years, it has been regarded as the tragic story of the downfall of the most prominent defendant, former Defense Secretary Clark M. Clifford, First American's former chairman and a legendary Washington power broker.