Thrift’s Bid to Lift Settlement Limit Fails
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The U.S. Supreme Court rejected a Golden State Bancorp Inc. appeal aimed at adding hundreds of millions of dollars to the potential take from a breach-of-contract suit against the federal government.
Golden State, the second-largest U.S. thrift, sought to overturn limits imposed by an appeals court on the damages it can seek in one of its two cases against the government. The ruling forced the company to scale back its request from $1.6 billion to $643 million.
The appeals court decision was in some respects a victory for Golden State, which is controlled by financier Ron Perelman. The ruling reversed a federal trial judge who had awarded only $23million.
San Francisco-based Golden State closed up 7 cents to $27.65 on the NYSE.
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