Court to Hear Appeal on Glendale Federal Ruling
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The U. S. Court of Appeals agreed last week to review a July ruling by the U. S. Claims Court upholding Glendale Federal Bank’s breach of contract claim against the government.
The Claims Court ruling held that Glendale Federal, a unit of Glenfed Inc., is entitled to damages because Congress in 1989 changed thrift accounting rules that unfairly restricted Glendale’s business opportunities. The ruling opens the way for Glendale Federal, which has assets of about $19 billion, to seek millions of dollars in damages.
In agreeing to hear the government’s appeal, the Court of Appeals also granted Glendale Federal’s motion for expedited proceedings. As a result, Glendale Federal said it expects oral arguments to be heard by the Court of Appeals in early 1993.
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