Meritor Savings Bank (MSVP)

[MrchntDeth]

PSFS funds move toward distribution -

The federal government is expected by the end of this month to turn over $276 million awarded to shareholders in the defunct Philadelphia Savings Fund Society, said Thomas Buchanan, lead attorney in a lawsuit that was filed in 1993. The government had argued that all of the money should be held back until a potential appeal by one shareholder was settled, Buchanan said. Instead, $8.6 million will be held in reserve, with the rest available to cover expenses and pay shareholders starting early next year, said Buchanan, who participated Thursday in a conference call with the judge to discuss the final order in the case.