No. 3-93-183-CV.

876 S.W.2d 382 (1994)

Kenneth D. LEE and Norma B. Lee, Appellants, v. Jorge A. GUTIERREZ, Liquidating Agent for Rio Grande Savings and Loan Association, and Rio Grande Savings and Loan Association, Appellees.

Court of Appeals of Texas, Austin.

Rehearing Overruled March 2, 1994.

Attorney(s) appearing for the Case

William L. Morrow, Harlingen, for appellants.

John B. McFarland, Graves, Dougherty, Hearon & Moody, Austin, for appellees.


KIDD, Justice.

This case is a product of the savings and loan crisis of the late 1980s. Appellants Kenneth D. Lee and Norma B. Lee are representatives of the class of Individual Retirement Account ("IRA") depositors at the failed Rio Grande Savings and Loan Association. The IRA depositors brought a class-action suit against Rio Grande and Jorge A. Gutierrez, the state-appointed liquidating agent (collectively "Rio Grande"), contending that as IRA depositors, they...

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