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...
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