June 15, 1988 |
Federal regulators have paid out two-thirds of the record $1.35 billion due depositors at two insolvent Costa Mesa savings and loans that were closed nine days ago. Working around the clock, regulators have issued 10,052 checks totaling $901.9 million in the first week of refunds to former depositors at American Diversified Savings Bank and North America Savings & Loan.
February 21, 1986
Less than a week after seizing American Diversified Savings Bank of Costa Mesa, federal regulators filed a $76.6-million lawsuit against Ranbir Sahni, American Diversified's controversial majority owner and former chairman, and Lester Day, the S&L's former president, alleging the two committed various acts of fraud and racketeering while officers of the failed S&L. The Federal Savings and Loan Insurance Corp.
June 30, 1992 |
Court Reinstates Suit Against O'Melveny & Myers: The U.S. 9th Circuit Court of Appeals reinstated a malpractice lawsuit against California's fifth-largest law firm for its work on two real estate syndications for now-defunct American Diversified Savings Bank in Costa Mesa. The appellate court reversed a lower court's dismissal of a suit brought by the Federal Deposit Insurance Corp.