High Court Won't Mull $19M First Bank Winstar Ruling

Law360, New York (October 3, 2011, 1:18 PM EDT) -- The U.S. Supreme Court on Monday refused to review an appeals court decision that scrapped an $18.6 million award to First Bank and found the U.S. government was not liable for eliminating financial incentives promised to companies that bought struggling thrifts.

The move leaves intact the Federal Circuit's decision in October that 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. The appeals court had found...
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