Judge Sends CIT, Tyco Tax Row To 2nd Circ.

Law360, New York (March 12, 2012, 2:58 PM EDT) -- A New York bankruptcy judge ruled Friday that CIT Group Inc. and its former parent Tyco International Ltd. must arbitrate their $190 million tax dispute — but they can take an appeal of the issue directly to the Second Circuit.

U.S. Bankruptcy Judge Allan L. Gropper ruled that arbitrating the dispute would provide the best balancing of the two parties' agreements — the dispute does not need to be in bankruptcy court as it doesn't invoke bankruptcy law, and wouldn't threaten business lender CIT's reorganization plan,...
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