US Ordered To Pay $83M In S&L Contract Case

Law360, New York (April 5, 2011, 5:00 PM EDT) -- A federal judge on Friday ordered the U.S. to pay $83.3 million in lost profits to an investor group that sued the government over broken promises made during the savings and loan crisis in the 1980s and 1990s.

Judge Loren A. Smith of the U.S. Court of Federal Claims said the investors, who bought the American Savings and Loan Association of Stockton, Calif., in 1988, should probably have received a larger award, including attorneys' fees and interest, but sovereign immunity prevented him from levying those costs...
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