$794M Tyco Claim Undermines Smooth CIT Ch. 11: Suit

Law360, New York (June 23, 2011, 2:20 PM EDT) -- Reorganized business lender CIT Group Inc. sued former parent Tyco International Ltd. in a New York bankruptcy court on Wednesday in a lingering dispute over $794 million in tax benefits, the first hiccup in a remarkably smooth bankruptcy.

CIT, which jettisoned $12 billion in debt and wiped out shareholders in the massive bankruptcy 18 months ago, apparently failed to come to terms with Tyco after agreeing in February to take a closer look at a 2002 tax agreement that Tyco says gives it the right to...
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