Decisions Address FDIC Claims to Defunct Bank Tax Refunds

, New York Law Journal

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In their Bankruptcy Practice column, John J. Rapisardi and Joseph Zujkowski of O'Melveny & Myers write: The FDIC argues that as the statutory successor to certain defunct banks, it, and not the debtor holding companies, is entitled to the substantial tax refunds generated by the shuttered banks' operating losses. The majority of U.S. bankruptcy and district courts to have considered this issue have disagreed, but recently, the Eleventh Circuit ruled in two separate decisions that the tax sharing agreements at issue entitled the FDIC to a direct recovery of the tax refunds in question.

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