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Tue Apr 1, 2014, 02:12 AM

Decades later, feds still chasing $81M judgment in State Savings crash

More than 20 years later, federal banking regulators are still trying to get money out of a central character in the crash of two financial institutions in Lubbock and Brownfield.

U.S District Judge Sam R. Cummings last week approved a request from the Federal Deposit Insurance Corp. to renew an $81.4 million default judgment against Tyrell G. “Terry” Barker over fraudulent deals he was involved in when he was sole shareholder of now-defunct State Savings & Loan of Lubbock in the mid-1980s.

The judgment arose from an April 1987 lawsuit filed against Barker and 18 other people along with 19 businesses.

The $583 million lawsuit, filed by the now-defunct Federal Savings & Loan Insurance Corp., accused the defendants of wrecking the institution through a combination of fraudulent loans and diverting money.

More at http://lubbockonline.com/crime-and-courts/courts/2014-03-31/decades-later-feds-still-chasing-81m-judgment-state-savings-crash .

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