Peat Marwick, Credit Unions Settle Suits on Penn Square Bank Audit

By Wolfe, Lou Anne | THE JOURNAL RECORD, August 6, 1986 | Go to article overview

Peat Marwick, Credit Unions Settle Suits on Penn Square Bank Audit


Wolfe, Lou Anne, THE JOURNAL RECORD


Peat, Marwick, Mitchell & Co. reached settlement agreements with four credit unions Tuesday in lawsuits which sought com bined damages of more than $204 million from the firm for its 1981 audit of Penn Square Bank in Oklahoma City.

During an all-day settlement conference in U.S. District Judge Lee West's chambers, Peat Marwick settled with Wood Products Credit Union in Oregon, Bolling Federal Credit Union in Washington, D.C.,Jax Navy Federal Credit Union, and Pinellas County Teachers Credit Union, both in Florida.

The credit unions all had certificates of deposit with the bank when it failed in July 1982.

Consistent with their posture on prior settlements related to Penn Square Bank, Peat Marwick attorneys declined to comment on the amount.

Eight lawsuits filed in the aftermath of the bank's failure have been consolidated for trial beginning Aug. 18.

Peat Marwick remains a defendant in a $200.47 million lawsuit filed by Professional Asset Management Inc., a California investment consulting firm which had brokered some $2.2 million in certificates of deposit into Penn Square Bank.

The accounting firm was originally a defendant in six of the Penn Square Bank lawsuits. Earlier, Peat Marwick settled out-of-court with the Federal Deposit Insurance Corp. (sought $153.4 million combined damages) and Southwest Corporate Federal Credit Union in Dallas (sought $13.95 million combined damages).

Peat Marwick also remains a defendant in a lawsuit filed in Oklahoma County District Court by Maxwell-Gunter Federal Credit Union in Alabama over a $1 million certificate of deposit it had in Penn Square Bank.

Professional Asset Management was not a party to any settlements Tuesday, according to Erwin Adler, attorney for the company.

Professional Asset Management has sued Peat Marwick, the FDIC, and these former Penn Square Bank officers: Bill P. Jennings, chairman; William G. Patterson, senior executive vice president; C.F. (Tag) Kimberling, director; Carl Swan, director; and Eldon Beller, president.

Attorneys for the FDIC, a defendant in some of the cases, said they did not settle with any of the credit unions Tuesday.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Peat Marwick, Credit Unions Settle Suits on Penn Square Bank Audit
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.