Court awards Golden State $909M

Article Abstract:

Golden State Bancorp has won $909 million in damages related to its long- running accounting dispute with the US government. Federal Judge Loren Smith ruled that the bank deserves compensation when the government breached its contract following the Congress's action to wipe out a favorable accounting treatment for savings and loans that acquired failing financial institutions. As a result, Golden state predeceesor Glendale S&L lost $560 million in goodwill accounting when it acquired insolvent Florida S&L in 1981.

United States, Commercial Banks, Commercial Banking, Golden State Bancorporation Inc.

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The guy who blew the whistle on Putnam

Article Abstract:

Peter Scannell brought Putnam Investment's mutual fund scandal into light by first informing the Securities and Exchange Commission and later to Massachusetts regulators when the former didn't act. State civil fraud charges were registered against Putnam, its CEO had to resign and more than $20 million were withdrawn from its funds.

Massachusetts, Police Protection, Legal/Government Regulation, Fraud, Management investment, open-end, Company legal issue, Cases, Mutual fund industry, Putnam Investments Inc., Scannell, Peter

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