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United States v. Winstar Corp., 518 U.S. 839
Case citation

Case citation is the system used in many countries to identify the decisions in past court cases, either in special series of books called Reporter s or law reports, or in a 'neutral' form which will identify a decision wherever it was reported....
 (1996), was a decision by the United States Supreme Court, which held that the United States Government had breached its contractual obligations, and rejected the Government's “unmistakability defense”—that surrenders of sovereign authority, such as the promise to refrain from regulatory changes, must appear in unmistakable terms in a contract in order to be enforceable.

Winstar arose as a consequence of the savings and loan crisis
Savings and Loan crisis

The savings and loan crisis of the 1980s and 1990s was the failure of 747 savings and loan associations in the United States. The ultimate cost of the crisis is estimated to have totaled around United States dollar160.1 billion, about $124.6 billion of which was directly paid for by the U.S....
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United States v. Winstar Corp., 518 U.S. 839
Case citation

Case citation is the system used in many countries to identify the decisions in past court cases, either in special series of books called Reporter s or law reports, or in a 'neutral' form which will identify a decision wherever it was reported....
 (1996), was a decision by the United States Supreme Court, which held that the United States Government had breached its contractual obligations, and rejected the Government's “unmistakability defense”—that surrenders of sovereign authority, such as the promise to refrain from regulatory changes, must appear in unmistakable terms in a contract in order to be enforceable.

Winstar arose as a consequence of the savings and loan crisis
Savings and Loan crisis

The savings and loan crisis of the 1980s and 1990s was the failure of 747 savings and loan associations in the United States. The ultimate cost of the crisis is estimated to have totaled around United States dollar160.1 billion, about $124.6 billion of which was directly paid for by the U.S....
. Federal regulators extended generous tax incentives to financial institutions which took over failing thrifts-Congress later substantially changed these advantages and one of the successor banks successfully sued. The Court of Appeals for the Federal Circuit found a breach of contract and awarded damages—the Supreme Court upheld the lower court decision. Winstar cases are still in litigation with multi-million dollar pay outs to the plaintiffs. Whether or not the current rule making by the SEC and Federal Reserve
Federal Reserve System

The Federal Reserve System is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act, it is a quasi-public banking system that comprises the presidentially appointed Board of Governors of the Federal Reserve System in Washington, D.C.; the Federal Open Market Committee; twelve regiona...
 to deal with the financial crisis of 2007-2008 will lead to a new round of law suits remains to be seen.

See also

  • List of United States Supreme Court cases, volume 518
    List of United States Supreme Court cases, volume 518

    This is a list of all the Supreme Court of the United States cases from volume 518 of the United States Reports:* Jaffee v. Redmond, * Montana v....
  • Savings and loan crisis
    Savings and Loan crisis

    The savings and loan crisis of the 1980s and 1990s was the failure of 747 savings and loan associations in the United States. The ultimate cost of the crisis is estimated to have totaled around United States dollar160.1 billion, about $124.6 billion of which was directly paid for by the U.S....


Further reading