Appeals Court Reverses $435M Award For Bank

Law360, New York (February 2, 2007, 12:00 AM EST) -- The U.S. Court of Appeals for the Federal Circuit on Thursday reversed a federal claims court’s decision awarding a Long Island bank $435 million in damages from the government for breach of contract.

The U.S. Court of Federal Claims awarded the Long Island Savings Bank FSB and the Long Island Savings Bank of Centereach FSB, now Astoria Federal Savings and Loan Association, damages in September 2005, after the banks sued the government for breach of contract arising from their supervisory acquisition of the Suffolk Country Federal...
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