SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549


                                   FORM 8-K


                            Current Report Pursuant
                         to Section 13 or 15(d) of the
                        Securities Exchange Act of 1934


        Date of Report (Date of Earliest Event Reported) July 18, 2001.
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           COAST FEDERAL LITIGATION CONTINGENT PAYMENT RIGHTS TRUST
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            (Exact Name of Registrant as Specified in its Charter)



                                   Delaware
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                (State or Other Jurisdiction of Incorporation)


             333-44155                                13-7140975
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       (Commission File Number)           (I.R.S. Employer Identification No.)


   E.A. Delle Donne Corporate Center, Montgomery Building,
   1011 Centre Road, Wilmington, Delaware                        19805
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  (Address of Principal Executive Offices)                     (Zip Code)


                                (302) 636-3300
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             (Registrant's Telephone Number, Including Area Code)


                                Not Applicable
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         (Former Name or Former Address, if Changed Since Last Report)


Item 5.  Other Events.

         The Registrant has issued the press release, dated July 18, 2001,
attached as an exhibit hereto describing a recent development in the case
brought by Coast Federal Bank, FSB ("Coast Federal"), against the United States
Government relating to the Government's alleged breach of the agreement, entered
into in 1987 in connection with Coast Federal's acquisition of Central Savings
and Loan Association, to treat certain amounts as a permanent addition to Coast
Federal's regulatory capital.

Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

         (c)  Exhibits.


Exhibit
  No.      Document Description
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 99.1      Press release of the Registrant, dated July 18, 2001


                                  SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

           COAST FEDERAL LITIGATION CONTINGENT PAYMENT RIGHTS TRUST
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                                            (Registrant)



Dated: July 18, 2001                     By: /s/Ray Martin
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                                         Name: Ray Martin
                                         Title: Litigation Trustee


                               INDEX TO EXHIBITS



Exhibit
  No.       Document Description
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 99.1       Press release of the Registrant, dated July 18, 2001.