Canyon Partners Sues LA Again Over Millions In Taxes
Law360, Los Angeles (July 19, 2016, 1:51 PM EDT) -- An affiliate of leading global asset manager Canyon Partners LLC sued Los Angeles on Monday, accusing the city of continually failing to properly categorize the company and making it overpay $2.3 million in taxes a second time.
The city erroneously categorized the businesses of Canyon Capital Advisors LLC under a catchall taxation provision when they should be taxed as money lenders under the Los Angeles Municipal Code, according to the SEC-registered hedge fund's complaint, filed in the Superior Court of Los Angeles County.
“In an effort to classify itself properly upon moving its principal place of business to the city of...
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