RTC's opportunity has passed; potential claims lost
Article Abstract:
The Resolution Trust Corp. (RTC) can no longer file professional liability tort suits against defunct savings and loan associations (S&Ls) because the three-year statute of limitations has passed. RTC lawsuits have been filed against 30% of the S&Ls that went out of business between Jan and Mar 1989. Breach of contract suits, however, can be filed at least six years from the date of an institution's takeover. These would net the RTC less money as contract suits do not usually include remedies for punitive damages or contributions by joint tortfeasors.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1992
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S&Ls: new takings challenge; U.S. could lose millions in Claims Court
Article Abstract:
Investors enlisted by the federal government in the 1980s in its attempt to keep failing thrifts from going under are seeking at least $487 million in 16 suits pending in US Claims Court. The Claims Court has become the country's biggest forum for suits with the Fifth Amendment cause of action of government taking of private property without just compensation. Plaintiffs are seeking the value of their investments, benefits the federal government enjoyed in the deals and any other just compensation.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1992
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S & L legal shake-up; an internal RTC battle results in staff departures. Does it signal a softer stance by the agency?
Article Abstract:
On May 21, 1992 22 of the Resolution Trust Corp's (RTC) 70 litigators were reassigned to the Federal Deposit Insurance Corp. Six other lawyers resigned. RTC officials denied that these staffing changes were motivated by political reasons or by a desire to scale back litigation against defunct savings and loan operators, but many sources disagreed. About 60% of the 721 failed institutions now under the RTC umbrella remain to be investigated and 177 already-filed lawsuit must be managed.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1992
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