US Fights Over $205M Ambase Contract Breach Award

Law360, New York (September 28, 2011, 8:05 PM EDT) -- The U.S. government on Wednesday asked the U.S. Court of Federal Claims to reconsider a $205 million award to banking company Ambase Corp. in a breach of contract suit claiming regulators broke promises made to encourage its predecessor to acquire struggling thrift banks.

According to the suit, Carteret Bancorp Inc., which Ambase acquired in 1988, took over four thrifts based on an expectation that the federal government would allow Carteret to count regulatory goodwill — a premium paid over the fair value of a target’s assets...
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