After a bitter 13-year legal battle, Maxxam Inc. has finally put down its arms and agreed to accept a $10 million settlement to end a bitter dispute with the Federal Deposit Insurance Corp., which at one time was ordered to pay $72.3 million in sanctions to Maxxam.
Charles Hurwitz, chairman, chief executive officer and president of Houston-based Maxxam, says one of his lawyers told him it’s the largest-ever settlement with a government agency. The settlement certainly was a long time coming, he says, because it has been 20 years since the savings-and-loan failure that was the subject of the litigation.
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