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Commercial Law Keyed to Lopucki
United States v. Winstar
Facts
This case is regarding the impact of FIRREA’s tightened capital requirements on three thrift institutions created by way of supervisory mergers. Glendale Federal Bank, Winstar corporation, and The Statesman Group (Respondents) acquired thrifts in 1981, 1984, and 1998, respectively. After the passage of FIRREA, federal regulators seized the Winstar and Statesman thrifts for failure to meet the new capital requirements. Respondents filed suit seeking money damages on both contractual and constitutional grounds on the grounds that the Bank Board and FSLIC promised them that the supervisory good will created in their merger transactions could be counted toward regulatory capital requirements. The court granted summary judgment on the contractual claims, finding that the government breached its contractual obligations to permit respondents to count supervisory goodwill and capital creditors toward their regulatory capital requirements. The Federal Circuit reversed, finding that the parties did not allocate to the government the risk of a subsequent change in the regulatory capital requirements, but the full court reversed the panel decision and affirmed the Court of Federal Claims ruling. The Court took the case to consider the extent to which special rules govern enforcement of the governmental contracts at issue here.
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