Resolution Trust Corporation:
Number and Types of Legal Matters
GGD-93-50FS: Published: Jan 8, 1993. Publicly Released: Jan 8, 1993.
- Full Report:
Pursuant to a congressional request, GAO provided information on the number, types, and nature of pending litigation matters involving the Resolution Trust Corporation (RTC).
GAO found that: (1) by November 1992, RTC was involved in 77,523 legal matters of which 84 percent remained open and 16 percent were closed; (2) RTC became involved in new legal matters at an average rate of 3,138 per month, primarily due to increases in failed institutions under RTC responsibility; (3) 58 percent of RTC open litigation matters involved cases of civil fraud, foreclosures, and breach of contract; (4) the largest volume of RTC litigation matters involved foreclosures, bankruptcies, professional liability claims, and collections on promissory notes; (5) 69 percent of RTC open litigation cases resulted from failed thrifts; (6) RTC has collected $186.8 million from successful litigation settlements and paid about $24.7 million in litigation losses; and (7) litigation settlements and losses have increased annually in the past 3 years.