Long Island Savings Bank, FSB v. United States
Long Island Savings Bank, FSB v. United States, 476 F.3d 917 (Fed. Cir. 2007) (lead counsel for the United States), acting en banc returning case to original panel for revision, rev'd, 503 F.3d 1234 (Fed. Cir. 2007) (of counsel for the United States) (Winstar-related) (vacating a $435 million judgment for lost profits in the form of the cost of replacement capital based upon Congress's abrogation in FIRREA of the regulatory capital provisions of an assistance agreement with FHLBB under which the bank merged with an insolvent bank, because of fraud in the inducement and prior material breach by the bank in not disclosing as required by the agreement the long-time and continuing breach of the anti-kickback provisions of the Real Estate Settlement Practices Act by its chairman and CEO).
Practice area(s): Fraud