$45M In Tax Refunds Belong To BankUnited: Judge

Law360, New York (October 20, 2011, 8:58 PM EDT) -- A Florida judge has ruled BankUnited Financial Corp.'s bankruptcy estate owns more than $45 million in federal tax refunds and not the Federal Deposit Insurance Corp. — the receiver for the company's failed bank subsidiary — BankUnited said Thursday.

The FDIC in 2009 brokered the sale of the operations of BankUnited FSB, the largest independent bank in Florida, to a group of investors, but the agency and the bank's onetime holding company were pitted against each other in the adversary case over certain anticipated tax refunds....
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