MoneyGram Bank Ruling Will Keep Financial Cos. On Alert

Law360, New York (January 15, 2015, 4:34 PM EST) -- The failure of MoneyGram International Inc.'s bid to claim bank status and write off hundreds of millions in bad securities as ordinary losses is a warning shot to pseudo-bank financial institutions, but the decision also signals that the answer truly does come down to a facts and circumstances test.

Earlier this month, the U.S. Tax Court handed MoneyGram a steep loss when it barred the money services company from writing off more than $540 million in securities that tanked in the 2008 financial crisis as ordinary losses — treatment to which banks are entitled. Although MoneyGram argued that it accepts deposits...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!