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Much of Battle Ground Plaza account recovered

first_imgClark County has so far recovered about two thirds of a $976,700 court deposit lost when the Bank of Clark County failed almost two years ago. But taxpayers and Clark County Clerk Sherry Parker could ultimately be on the hook for the remainder, roughly $340,000, according to attorneys involved with the case.Parker, who handles all the court’s financial transactions, deposited the money at BOCC in 2008 on behalf of defendants in a decade-long lawsuit over soil contamination at the Battle Ground Shopping Center. Those defendants, Douglas Ray and Irwin Jessen, owners of the shopping center, lost the case and were required to put up the money to cover damages in case their appeal was denied. The account was seized by the Federal Deposit Insurance Corp. along with the bank’s other assets. When the county went after the funds, questions arose over whether the money should be considered public or private, and thus subject to the $250,000 insured limit on private deposits.The county has since recovered from the FDIC all of the deposits it held at BOCC, except the funds related to this lawsuit.The FDIC decided the court deposit wasn’t public money, but agreed to cover $250,000 for each of the two codefendants as a concession, according to county deputy prosecutor Chris Horne. The federal agency also agreed to provide an additional $132,000 from the sale of a portion of the bank’s assets, bringing the total to $632,000, Horne said. The county’s request for the state’s help under the Washington Public Deposit Protection Act also failed to recover additional funds. “We can’t make up funds that the FDIC doesn’t determine to be public,” said Washington State Treasurer Jim McIntire. “It’s certainly a complicated circumstance that nobody in the state saw coming and few people understand how the FDIC determines what are public funds and what are private funds.”last_img read more

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