First Annapolis Bancorp, Inc. v. United States

MEMORANDUM OPINION AND ORDER SUSTAINING PLAINTIFF’S OBJECTION TO HEARSAY

WILLIAMS, Judge.

As in many Winstar cases, Plaintiff claims that the passage of the Federal Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) breached its contract with the Government because the Act prohibited it from treating goodwill as capital which counted toward its regulatory capital requirements and from meeting relaxed capital benchmarks. This Winstar ease departs from the mainstream somewhat in that Defendant claims Plaintiff committed a prior material breach of the contract by making loans to…