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Holland v. US, 09-5095

Finding of Liability Against the Government For Breach of Contract in a Winstar Case Reversed

Holland v. US, 09-5095, concerned a challenge to the the Court of Federal Claims' holding that the government is liable for breach of contract, in a Winstar case.  In reversing, the court held that the plaintiffs' release of all claims against the FDIC as manager of the FSLIC Resolution Fund (FRF) in the settlement agreement effected a release of all claims against co-obligor, the Office of Thrift Supervision (OTS).  The court also held that, alternatively, plaintiffs' accord and satisfaction with the FDIC as manager of the FRF in the settlement agreement discharged the OTS.

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