Tyco Prevails In Fight With CIT Over $190M Claim

Law360, New York (December 22, 2011, 8:54 PM EST) -- Tyco International Ltd. on Wednesday won the dismissal of a lawsuit brought by reorganized business lender CIT Group Inc., which had been seeking to wipe out a $190 million claim filed by its former parent company Tyco stemming from a dispute over a tax benefit agreement.

CIT had argued that when it split off from Tyco in a 2002 initial public offering, a tax benefit agreement it had with Tyco grew directly out of the issuance of securities — securities that were wiped out by CIT's...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

CIT Group Inc.


Case Number

1:09-bk-16565

Court

New York Southern

Nature of Suit

Date Filed

November 1, 2009

Law Firms

Companies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.