No. 93-531C

AMBASE CORPORATION AND CARTERET BANCORP, INC.,

                   Plaintiffs, and

                                   FEDERAL DEPOSIT INSURANCE CORPORATION, Plaintiff-Intervenor,

v.

                                    UNITED STATES, Defendant.

WHEREAS, on August 31, 2011, the United States Court of Federal Claims filed a judgment for the plaintiffs in the amount of $205,013,00.00 in damages, plus tax gross-up if applicable in an amount to be determined at time of assessment;

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WHEREAS, on December 29, 2011, the United States filed a notice of appeal upon the judgment to the United States Court of Appeals for the Federal Circuit;

WHEREAS, on January 3, 2012, the intervening plaintiff, Federal Deposit Insurance Corporation, in its capacity as successor to the rights of Carteret Savings Bank, F.A. and Carteret Federal Savings Bank, and as manager of the FSLIC Resolution Fund (FDIC-R), filed a notice of cross- appeal upon the judgment;

WHEREAS, on January 11, 2012, AmBase Corporation and Carteret Bancorp, Inc. (collectively, AmBase) filed a notice of cross-appeal upon the judgment;

WHEREAS, the defendant-appellant, the United States, and plaintiffs-cross appellants, AmBase and FDIC-R, desire to resolve all outstanding claims in these actions, Nos. 2012-5047,-5048,-

5049 (collectively, the AmBase Case), and to permit dismissal of the appeal and cross-appeals without further judicial proceedings and without there being any additional trials or adjudications of any issue of law or fact;

NOW THEREFORE, for the purposes expressly stated herein, and for no other purpose, the parties hereto stipulate and agree to the settlement

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of the AmBase Case and to the dismissal of the appeal and cross-appeals under the following terms:

filed in the United States Court of Federal Claims (No. 93-531 C) on August

25, 1993; (2) the alleged contracts and claims asserted in the first amended complaint (Amended Complaint) that AmBase filed in the United States Court of Federal Claims (No. 93-531 C) in April 1997; (3) the alleged contracts and claims asserted in the complaint in intervention (Complaint In Intervention) that the FDIC-R filed in the United States Court of Federal Claims (No. 93-531 C) in March 1997; (4) the claims and disputes submitted to the United States Court of Federal Claims in the AmBase Case; and (5)

the above-captioned appeal and cross-appeals in Nos. 2012-5047,-5048,-

5049.

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Eighty Million and Six Hundred Fifty Thousand dollars and no cents ($180,650,000) to be paid by the United States directly to AmBase; and (2) the sum of Three Hundred Fifty Thousand dollars and no cents ($350,000) to be paid by the United States directly to the FDIC-R.

cross-appeals for the purpose of seeking approval by the United States Court of Federal Claims, pursuant to RCFC 23.1(c), of the Parties' settlement as reflected in this Settlement Agreement, and agree to jointly file a motion for

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limited remand within ten (10) business days of the execution of this

Settlement Agreement by all parties.

Parties shall file a joint motion in the United States Court of Federal Claims, in action No. 93-531 C, for approval, pursuant to RCFC 23.1(c), of the Parties' settlement as reflected in this Settlement Agreement.

23.1(c) motion or that that motion raises a substantial issue, and will, in that event, promptly seek a remand so that the Court of Federal Claims may decide that motion.

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including all contract and other claims asserted in the Complaint, the

Amended Complaint, and the Complaint In Intervention.

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Connecticut. If AmBase or the FDIC-R, now or in the future, violate any of the warranties and representations set forth in this paragraph, any amount paid by the United States pursuant to this Agreement shall be refunded promptly by the violating party, together with interest thereon at the rates provided in 41 U.S.C. § 1709, computed from the date the United States makes payment. If the United States, now or in the future, violates any of the warranties and representations set forth in this paragraph, the opposing parties likewise shall have the right to seek enforcement of the stipulated judgment including available equitable remedies if any.  AmBase and the FDIC-R further warrant and represent that they have made no assignment or transfer of any part of their rights arising out of, or relating to, the claims advanced in this suit.

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enforce the terms of this Settlement Agreement or to distribute the proceeds thereof.

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AGREED TO:

STUART F. DELERY

JOHN M. DORSEY III Counsel

Federal Deposit Ins. Corp.

550 17th St., NW Washington, DC 20429

Counsel for the FDIC

 

                                                                                                                 OF COUNSEL:

                                                                                                                 SCOTT D. AUSTIN

                                                                                                                 DAVID A. LEVITT

                                                                                                                AMANDA L. TANTUM Trial Attorneys

                                                                                                                      Attorneys for Defendant-Appellant

 

 

 

 

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