CIT To Pay $60M To Settle Tyco Tax-Agreement Feud

Law360, San Francisco (December 20, 2013, 7:57 PM EST) -- CIT Group Inc. will pay ex-owner Tyco International Ltd. $60 million to settle their feud over a tax agreement the pair entered in 2002 stemming from Tyco's sale of all of its CIT shares in a public offering, CIT said in a U.S. Securities and Exchange Commission filing Friday.

That 2002 agreement required CIT to pay Tyco up to $794 million in federal tax attributes and up to $180 million in state tax attributes, CIT said in the form 8K it filed Friday. Those were to...
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