<PAGE>
EXHIBIT 99.1
Contact: Brock Hill
(626) 535-1932
COAST LITIGATION TRUST ANNOUNCES
GOVERNMENT FILING OF MOTION FOR SUMMARY JUDGMENT
PASADENA, California, August 24, 2000 - The Coast Federal Litigation
Contingent Payment Rights Trust (the "Trust") (NASDAQ:CCPRZ) announced today
that on August 23, 2000 the government filed a motion seeking summary judgment
denying the damage claims asserted by the plaintiff in Coast Federal Bank,
Federal Savings Bank ("Coast Federal") v. The United States (Civil Action No.
92-466C (the "Litigation") in the United States Court of Federal Claims (the
"Claims Court")). The government is seeking a summary judgment holding that (i)
Coast Federal's expectancy damages claims are too remote, speculative,
uncertain, and unforeseeable as a matter of law, (ii) Coast Federal is barred
from recovering expectancy damages in any event because it failed to mitigate
and (iii) Coast Federal has overstated the amount of contractual regulatory
capital taken from it as a result of FIRREA because such capital was to amortize
over a period of 12.7 years and was not a permanent addition to Coast Federal's
regulatory capital. Among the materials filed with the government's motion for
summary judgment are the reports of the government's expert witnesses responding
to the reports on Coast Federal's damages claims submitted by Coast Federal's
expert witnesses and filed with the Claims Court on September 29, 1999.
Pursuant to an Order of Judge Emily C. Hewitt of the Claims Court
dated August 3, 2000, Coast Federal is required to file its response to the
government's motion for summary judgment and any cross-motions by September 13,
2000. The government will then be required to file its replies and any
responses to Coast Federal's cross-motions by September 27, 2000. Coast Federal
will have until October 4, 2000 to file any replies. Oral argument on the
government's summary judgment motion and any cross-motions filed by Coast
Federal will be heard on October 11, 2000.
The Trust, established as part of the transaction pursuant to which
Coast Savings Financial, Inc. ("Coast Savings"), merged with and into H.F.
Ahmanson & Co., holds Ahmanson's or its successor's commitment to pay the Trust
the net after-tax proceeds, if any, received by Coast Federal, or its successor,
in the Litigation. Certificates representing undivided interests in the assets
of the Trust, and therefore interests in Ahmanson's commitment, were publicly
issued by the Trust to the holders of Coast Savings' common stock immediately
prior to the effectiveness of Coast Savings' merger with Ahmanson on February
13, 1998, which certificates trade on The NASDAQ National Market under the
symbol CCPRZ.##
