Thrift ruling

Sunday 26 July 1992 00:02 BST

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The US government breached its contract with Glendale Federal Bank, a Californian savings and loan institution, in drastically reducing the amount of time the thrift had to write down certain capital, a court has ruled.

The US Claims Court's ruling - which requires the government to pay Glendale damages - could prove costly because it affects a number of thrifts it persuaded to buy troubled institutions in the late Eighties. It gave them capital relief, only to change its mind in 1989.

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