PFF Bancorp Settles With FDIC On $44M Tax Refund

Law360, New York (November 22, 2010, 8:28 PM EST) -- A bankruptcy judge approved a settlement Monday that will divide a $44 million federal tax refund between PFF Bancorp Inc. and the Federal Deposit Insurance Corp., avoiding costly litigation from both sides.

Judge Kevin J. Carey signed off on the agreement — which will give PFF Bancorp an estimated $18.5 million from the return and the FDIC $26 million — at a hearing in the U.S. Bankruptcy Court for the District of Delaware.

PFF Bancorp, the holding company for the failed PFF Bank & Trust, had...
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