$205M AmBase Award Stands In Suit Tied To S&L Crisis

Law360, New York (October 31, 2011, 10:22 PM EDT) -- A federal judge reaffirmed Monday that the U.S. must pay $205 million to AmBase Corp. in a breach of contract suit claiming regulators broke promises made to encourage the company's predecessor to acquire struggling thrift banks during the 1980s savings and loan crisis.

The federal government had tried to argue that it was not liable to pay damages because AmBase and Carteret Bancorp Inc., which AmBase acquired in 1988, were able to replace the alleged losses stemming from the government's breach and Carteret's failure.

But Judge...
To view the full article, register now.