BANKING / FINANCE
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New Business: The disastrous crash of the savings and loan industry is padding the pocketbooks of many lawyers and accountants, and now firms who service those professionals are trying to cash in too.
The Bank Bailout Litigation News invites lawyers to subscribe to its new biweekly report on what’s working in court for plaintiffs and defendants.
The new publication claims in its advertisements that such information is important, citing government estimates that the collapse of so many banks and S&Ls; will foster 80,000 lawsuits and will cost regulators $650 million in outside legal fees.
The government, in what is believed to be its biggest legal bill so far, has spent an estimated $15 million in legal fees on the 1986 failure of American Diversified Savings Bank in Costa Mesa and related litigation involving its former chairman, Ranbir S. Sahni.
In addition, the government “is making new law every day” as it operates under the federal law enacted in August to bail out the thrift deposit insurance fund, Bank Bailout claims in its advertising.
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