CIT Pushes For An End To Tyco’s Suit Over $794M Tax Deal

Law360, New York (November 7, 2011, 7:08 PM EST) -- Recently reorganized business lender CIT Group Inc. on Monday asked a New York bankruptcy judge to kill a lawsuit its former parent, Tyco International Ltd., brought over a $794 million tax agreement, saying the suit seeks an unfair payday.

Tyco's lawsuit, filed in June, aims to recover cash linked to a tax agreement it entered into with CIT immediately before it sold its stake in the lender in a 2002 initial public offering. CIT filed for bankruptcy in 2009, and exited within a few months after...
To view the full article, register now.



Case Information

Case Title

CIT Group Inc.

Case Number



New York Southern

Nature of Suit

Date Filed

November 1, 2009

Law Firms


UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.