Ex-Chief of Consolidated S&L; Sues FSLIC in Counterclaim
LOS ANGELES — The deposed chairman of Consolidated Savings & Loan filed a $500-million counterclaim Friday in his ongoing lawsuit against the Federal Savings and Loan Insurance Corp.
Robert A. Ferrante, former chairman and owner of Consolidated, alleges in the action filed in U.S. District Court that FSLIC’s “unique and totally unprecedented destruction” of the S&L; was politically motivated because regulators objected to the vocal criticisms of government policies expressed by Consolidated’s chief executive officer, Ottavio Angotti.
In May, 1986, federal regulators seized control of the Irvine-based thrift and obtained a federal court order placing it in receivership under the FSLIC. The S&L; later was liquidated.
The government subsequently filed a federal civil suit against Ferrante and other members of Consolidated’s board of directors, alleging that they violated state and federal regulations and caused the institution to become insolvent.
Ferrante, who sued the government to regain control of Consolidated, alleges that the institution was profitable and had substantial assets when it was closed down.
FSLIC officials could not be reached for comment late Friday.
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