CHICAGO— The New York Times reports that The Pritzker family, heir to the Hyatt Hotel Corporation fortunes, has agreed to pay a record $460 million to the federal government to avoid being punished for the failure of Superior Bank F.S.B., the savings and loan institution that regulators seized last summer. The payment, to be spread out over 15 years, is the largest settlement ever in the failure of a banking institution, said The Times. The report also said that the Pritzkers- who co-owned Superior with New York real estate developer Alan Dworkin- said they hoped the agreement would prevent their reputation from being further tarnished by a government investigation into the failure of Superior. The savings and loan is said to have collapsed because of poor lending practices and sloppy bookkeeping, said the report. The settlement is the largest with banking regulators since 1992, when Drexel Burnham Lambert, Michael Milken and about 40 other institutions agreed to pay “about $1 billion to settle allegations that they persuaded savings and loans to buy high-risk junk bonds with federally insured deposits, helping to accelerate the industrys collapse,” said The Times.