Tax Refunds Belong To Bank's Holding Company, Not FDIC, Judge Finds

Tax Refunds Belong To Bank's Holding Company, Not FDIC, Judge Finds

SAN DIEGO - The Federal Deposit Insurance Corp., as the receiver for the failed Imperial Capital Bank, is not entitled to $30 million in tax refunds, a federal judge in California ruled May 16, finding that the funds instead belong to the bank's holding company (Imperial Capital Bancorp Inc. v. Federal Deposit Insurance Corp., No. 10-1991, N.D. Calif.).

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