[Download] "Payne v. Security Savings & Loan Association" by United States Court of Appeals for the Seventh Circuit " eBook PDF Kindle ePub Free
eBook details
- Title: Payne v. Security Savings & Loan Association
- Author : United States Court of Appeals for the Seventh Circuit
- Release Date : January 04, 1991
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 65 KB
Description
Security Savings and Loan (Security Savings) discharged plaintiff Ronald Payne from his position as Branch Manager and Loan Officer in February, 1985. Payne brought suit against Security Savings in district court, claiming that he was terminated because of his age in violation of the Age Discrimination in Employment Act, 29 U.S.C. 621 et seq. In February, 1989, a jury agreed. By agreement of the parties, the issue of damages was then submitted to the district court. But before the court could hold a hearing on damages, Security Savings was declared insolvent and closed by the Office of Thrift Supervision in August 1989. The Resolution Trust Corporation (RTC) became the receiver for Security Savings and proceeded to transfer through a purchase and assumption agreement most of Security Savings assets and liabilities to another thrift, Security Federal Savings and Loan (Security Federal). Liability for the judgment Payne obtained against Security Savings, however, was not transferred to Security Federal.
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