Tyco Prevails In Fight With CIT Over $190M Claim

Law360, New York (December 22, 2011, 8:54 PM EST) -- Tyco International Ltd. on Wednesday won the dismissal of a lawsuit brought by reorganized business lender CIT Group Inc., which had been seeking to wipe out a $190 million claim filed by its former parent company Tyco stemming from a dispute over a tax benefit agreement.

CIT had argued that when it split off from Tyco in a 2002 initial public offering, a tax benefit agreement it had with Tyco grew directly out of the issuance of securities — securities that were wiped out by CIT's...
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