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Charles W. Knapp sued FCA, alleging defamation.

October 30, 1986

Knapp, former chairman of Irvine-based Financial Corp. of America, also charged the thrift's current management with securities laws violations. The suit, filed in U.S. District Court in Los Angeles, seeks $100 million in punitive damages. The suit is a counterclaim against FCA, which sued Knapp after FCA, the parent of American Savings, was sued by shareholders. William Popejoy, FCA chairman, said in a statement that FCA management wouldn't "waste its time" commenting on Knapp's claims.

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