Hancock Can't Collect $120M Over Tax Deal: 7th Circ.

Law360, New York (September 18, 2009, 6:56 PM EDT) -- A federal appeals court has upheld a temporary restraining order preventing John Hancock Life Insurance Co. or other parties from recovering as much as $120 million from Hoosier Energy Rural Electric Cooperative Inc. in a dispute over contractual liabilities in a failed tax benefit transfer deal deemed illegal by the U.S. Internal Revenue Service.

The U.S. Court of Appeals for the Seventh Circuit issued a ruling Sept. 17 affirming the district court’s granting of the TRO but expressed reservations about the potential outcome of the case...
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