October 22, 1992 |
A federal judge in Tucson on Wednesday slashed by 64% July's $4.1 billion in jury awards against former Lincoln Savings & Loan owner Charles H. Keating Jr. and two others. In reducing the total award to nearly $1.5 billion, U.S. District Judge Richard M. Bilby said the jury had expressed its anger over a fraud that bilked $288.7 million from small investors in the Irvine thrift's parent company, American Continental Corp. As part of his order, the judge cut in half the $1.
September 23, 1992 |
The federal agency charged with cleaning up failed thrifts accused a developer funded by Lincoln Savings & Loan of hiding assets to avoid paying a possible judgment or settlement in the government's pending $2.7-billion fraud and racketeering lawsuit. The Resolution Trust Corp. asserts in a new lawsuit, filed in U.S. District Court in Phoenix late Monday, that Emerald Homes Inc.
September 15, 1992 |
A federal judge in Tucson approved an initial payout Monday of $70 million to small investors in the civil securities fraud and racketeering case against Charles H. Keating Jr., his aides and professional advisers. Small investors, who won settlements as well as a jury award, can expect to begin receiving their share of the first distribution of money within a month, said Ronald Rus of Orange, one of the investors' lawyers. U.S. District Judge Richard M.
September 10, 1992 |
Nearly 100 small investors never joined the class-action lawsuits filed by attorneys for thousands who lost money in the collapse of Charles H. Keating Jr.'s financial empire. Now they're glad they stayed out. The investors, who filed a conventional lawsuit, stand to recover 85% of their money--well ahead of the 40 cents on the dollar that 23,000 other bondholders will receive from the class-action suits.