US To Pay Meritor Shareholders $276M After 19-Year Fight

Law360, New York (December 19, 2011, 9:19 PM EST) -- The U.S. Court of Federal Claims ordered the federal government to return $276 million to a class of Meritor Savings Bank shareholders Thursday, ending a 19-year legal battle alleging the government breached an agreement with the bank over its 1982 acquisition of the failing Western Savings Fund Society.

Current shareholders should receive payment by the end of the year, finally resolving one of the longest-running litigations in U.S. history, according to the shareholders' counsel.

Tom Buchanan of Winston & Strawn LLP, who has managed the case...
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