High Court Nixes BankUnited's $500M Tax Sharing Appeal

Law360, New York (March 3, 2014, 3:31 PM EST) -- The U.S. Supreme Court on Monday declined to hear BankUnited Financial Corp.’s appeal of an Eleventh Circuit decision that purportedly created an illegal $500 million tax controversy by ordering BankUnited to forward refunds from a consolidated tax return to its receiver, the Federal Deposit Insurance Corp.

The high court’s denial of BankUnited’s petition for writ of certiorari on Monday leaves in place the Eleventh Circuit’s August ruling ordering BankUnited to forward refunds to the FDIC so that they could be distributed to the bank's subsidiaries....
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