Fed. Circ. Reverses $19M First Bank Winstar Ruling

Law360, New York (October 12, 2010, 6:26 PM EDT) -- A federal appeals court has scrapped a $19 million judgment for First Bank and ruled that the U.S. government is not liable for terminating generous tax incentives for financial institutions that bought up thrifts felled by the savings and loan crisis in the 1980s.

The U.S. Court of Appeals for the Federal Circuit dealt a heavy blow to First Bank and two individual plaintiffs in one of the last so-called Winstar cases over the federally assisted acquisition of insolvent thrifts in 1988, finding that a 1991...
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