Mr Cooper Group Inc (COOP)

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http://www.nytimes.com/2005/08/25/business/25maxxam.html?_r=1

Ruling Goes Against F.D.I.C.

By BLOOMBERG NEWS
Published: August 25, 2005
A federal judge ordered the Federal Deposit Insurance Corporation to pay $72.2 million to the Maxxam Corporation, controlled by Charles E. Hurwitz, to cover a decade of legal costs. The penalty was the largest ever assessed against the F.D.I.C.

Judge Lynn N. Hughes of United States District Court in Houston called the agency's attempt to hold Mr. Hurwitz responsible for the 1988 failure of United Savings, a Texas savings and loan, "political extortion."

The F.D.I.C. and the Office of Thrift Supervision sued Mr. Hurwitz, seeking to strip Maxxam of 4,000 acres of California redwood trees to help recover $1.2 billion.

"The F.D.I.C. caused Hurwitz pain," Judge Hughes wrote in a ruling released Tuesday. "The effects of these relentless attacks on his reputation and on the value of the businesses that he led cannot be repaired."

The government suits were settled or dropped in 2002.

"The F.D.I.C. has been appropriately punished for having wasted the taxpayers' money in a politically motivated litigation," J. Kent Friedman, Maxxam's general counsel, said in an interview.

Shares of Maxxam, which mines bauxite, makes aluminum and grows timber, rose $2.56, or 9.7 percent, to $29.01. Maxxam is based in Houston.

David Barr, a spokesman for the F.D.I.C., said the agency would appeal. Judge Hughes has already been reversed twice in the case, Mr. Barr said.