Wichita Federal Savings & Loan Ass'n v. Black

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• rejecting defendant’s argument that plaintiff savings and loan association was estopped from recovering more than $17 million that he allegedly lost through negligent financial futures trading because association previously claimed deduction for that loss on income tax return
• sufficient evidence was presented to establish that savings institution’s loss was caused by former president’s negligence
• Kansas Supreme Court recognized the theory of offsetting benefits but was not asked to apply it to tax benefits
• offset theory can only be utilized when the benefits accruing to the plaintiff are sufficiently proximate to the contract to warrant reducing the plaintiffs damages
• court applied state common law standard of negligence in a suit by a federally-chartered S & L against its former president
• “[n]one of [the] cases [cited by the defendant] stand for the proposition that a suit for recovery of losses is barred by a prior claim of the losses on a tax return”

Source: CourtListener parenthetical corpus (CC0).