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Lincoln Savings & Loan Association v. Wall
Citation:
743 F. Supp. 901 (1990)Facts
Lincoln Savings & Loan Association was a California-chartered savings and loan institution that was acquired by American Continental Corporation (ACC) in 1984. Under ACC’s control, Lincoln shifted from traditional mortgage lending to direct investments in real estate and high-yield bonds. Federal regulators became concerned about Lincoln’s financial condition and business practices, particularly its accounting for certain transactions and investments. After extensive examination, the Office of Thrift Supervision determined that Lincoln was engaging in unsafe and unsound practices and was in an unsafe condition to transact business. On April 14, 1989, OTS placed Lincoln into conservatorship. Lincoln and ACC filed suit challenging this action, contending that Lincoln was solvent under both regulatory accounting principles and generally accepted accounting principles.
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