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                       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) May 30, 2002
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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)


                                   302 636-330
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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)



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Item 5.  Other Events.

        The Registrant has issued the press release, dated May 30, 2002,
attached as an exhibit hereto describing a recent development in the case
brought by Coast Federal Savings, 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 May 30, 2002



                                   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: May 30, 2002                     By: 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 May 30, 2002