Cases & Deals

Anchor obtains additional damages stemming from savings and loan crisis of 1980's

Client(s) Anchor Savings Bank

Jones Day client Anchor Savings Bank (now owned by JPMorgan Chase Bank NA) obtained an order from the United States Court of Federal Claims requiring the federal government to pay an additional $63.2 million in damages in the last remaining "Winstar" case arising from the savings and loan crisis of the 1980's. The court previously awarded Anchor $356 million after finding the government breached its contract by passing the Financial Institutions Reform, Recovery and Enforcement Act of 1989, which forced Anchor to sell assets worth millions of dollars at fire sale prices. In addition to increasing Anchor's total award to $419.6 million, the court rejected the government's motions to dismiss the case on standing grounds.

Anchor Savings Bank FSB v. United States, No. 9539C (Fed. Cl.)