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Progressive S&L was sued over property loans.

May 07, 1985

Barclays Mortgage of Santa Ana filed the action against the Beverly Hills-based thrift last week in response to a suit against it by Progressive. Progressive, with $550 million in assets, alleged that it is owed about $3 million in connection with faulty loans that Barclays packaged. (The mortgage company is not related to London-based Barclays Bank.) In the countersuit, Barclays said that Progressive was fully aware of the risks involved in the deal and that the losses it faces are due to its own negligence. Barclays, charging its business had been damaged by the Progressive suit, seeks $100 million in punitive damages.

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