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Castle v. United States

Although regulators' implementation of FIRREA breached contract and caused bank's failure, bank investors could not prove lost profits with reasonable certainty and thus were limited to restitutionary damages.

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The full case caption appears at the end of this opinion.

This case comes before the court as one of more than a hundred pending suits known collectively as the Winstar litigation, each involving an agreement executed inthe late 1980s between a savings and loan institution (a “thrift”) and the federal government. In United States v. Winstar Corp., 518 U.S. 839 (1996), the SupremeCourt ruled that Congress’s passage of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (“FIRREA”), Pub. L. No. 101-73, 103 Stat. 183(codified as amended in various sections of 12 U.S.C.), had the effect of breaching the Winstar Corporation’s contract with the government by, among other things,withdrawing the assurances of special regulatory treatment that the corporation had received from federal regulators as part of its contract for the takeover of a failedthrift.

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