Roberts Development Corp. v. Harris

This appeal arises from the morass caused by the failure of Home State Savings Association (“Home State”). In early 1985, the Ohio Superintendent of Building and Loan Associations (“superintendent”), appellee, took possession of Home State through a conservator because of its insolvency. It became national news that Home State’s insolvency created a panic and investors began a “run” on all state-insured savings institutions.

On May 21, 1985, Am. Sub. H.B. No. 492 (the “Act”) was passed by the General Assembly and signed by the Governor. That same day, appellant, Roberts Development Corporation…