February 26, 2020 / 1:12 PM / a month ago

IN BRIEF: SCOTUS vacates FDIC win in bankruptcy fight over $4 mln tax refund

The U.S. Supreme Court on Tuesday revived a $4 million dispute between the Federal Deposit Insurance Corporation and the Chapter 7 trustee for United Western Bancorp Inc (UWBI), resolving a circuit split and overturning a 47-year-old precedent in the process.

Writing for the unanimous court, Justice Neil Gorsuch said that state law governs whether a tax refund based on a consolidated return belongs to the parent company that filed the return, or to the subsidiary whose losses generated the refund.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2SZTRqa

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