Corus To Pay $246M To Settle FDIC Tax Dispute

Law360, Los Angeles (November 26, 2013, 10:13 PM EST) -- Real estate lender Corus Bankshares Inc. agreed Tuesday to pay nearly $246 million out of a $267 million tax refund to settle the Federal Deposit Insurance Corp.’s objections over how Corus’ Chapter 11 reorganization plan planned to handle the refund.

In a related case, Corus’ former CEO Robert Glickman agreed to pay $2.2 million to settle the bankruptcy trustee’s accusations that he violated his fiduciary duty to the company by continuing to pay dividends while the company was insolvent.

Corus filed two motions in Illinois bankruptcy court Tuesday seeking approval of the deals. The $246 million payment to the FDIC represents...

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