Colonial Can't Pursue Tax, Insurance Claims: FDIC

Law360, New York (July 1, 2010, 4:23 PM EDT) -- The Federal Deposit Insurance Corp. has asked a judge to throw out a suit brought by the bankrupt Colonial BancGroup Inc. over who owns the rights to certain income tax refunds and proceeds of insurance policies, saying the claims are barred by statutory provisions.

The Federal Deposit Insurance Act establishes an exclusive administrative process for the assertion of claims against a failed bank or the FDIC as its receiver, the FDIC said in the U.S. District Court for the Middle District of Alabama on Friday....
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