Fed. Circ. Reverses $13M S&L Payout For US

Law360, New York (July 13, 2011, 4:05 PM ET) -- The Federal Circuit on Monday overturned a $13 million breach of contract ruling against the U.S. over broken goodwill agreements made to facilitate a bank merger during the 1980s savings and loan crisis, ruling the plaintiff had no standing to sue.

The appeals court ruled that because First Annapolis Bancorp Inc. did not exist when its predecessor banks reached an agreement with the Federal Home Loan Bank Board to ease capital standards to facilitate their merger, it did not have the standing to bring breach of...
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