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BRIEFLY

Banking

August 19, 1993|From Times Staff and Wire Reports

Glenfed Wins Hearing on Suit Against U.S.: The U.S. Court of Appeals granted Glendale Federal Bank's request for a rehearing of the appeals court's reversal of a lower court's ruling in favor of Glenfed's breach of contract suit against the government. In July, 1992, the U.S. Court of Federal Claims held that the government was liable for violating terms of Glenfed's 1981 merger with a failing Florida thrift. The original pact gave Glenfed permission to write off merger costs over a 35-year period. But in 1989, the government said the costs must be written off over five years, increasing Glenfed's costs and adding to its financial woes.

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