WaMu Can't Recover Taxes On Thrift Buys In $15M Suit

Law360, Los Angeles (February 10, 2014, 8:27 PM EST) -- A Washington federal judge dismissed claims in Washington Mutual Inc.'s $15 million suit seeking to recover excess taxes it paid after buying up faltering savings and loan associations, ruling Monday that the bank hadn't established a cost basis for the alleged overpayments.

Granting judgment in favor of the federal government, U.S. District Judge Barbara J. Rothstein said WaMu failed to establish its entitlement to a tax refund because it hadn't proven what cost basis a predecessor had to rights over maintaining branches in other states and using the purchase method of accounting for regulatory capital reserve purposes.

The Ninth Circuit in...

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