An empty echo from S&L crisis

In 1996, when the U.S. Supreme Court issued its landmark ruling in United States v. Winstar , plaintiffs lawyers thought the decision would clear the path for thrifts and investors to recover tens of billions of dollars from the federal government. In its decision, the high court found the government liable for breaking contracts with savings and loan associations as regulators tried to avert the 1980s S&L fiasco. But so far, actual damage awards have fallen far short.

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