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BankUnited beats down FDIC 20-Oct-11 07:10 pm
BankUnited Financial says it wins court ruling
October 20, 2011 6:34 PM ET.
MIAMI (AP) - BankUnited Financial Corp. said Thursday that a bankruptcy court ruled in its favor over the company's ownership of anticipated federal tax refunds worth more than $45 million.
BankUnited Financial said the judge ruled Wednesday that the company's bankruptcy estate is the sole owner of the refunds.
The Federal Deposit Insurance Corp. still has right to receive the first $7.5 million of the refund and can assert an unsecured claim against the estate of $45 million under a prior settlement agreement, BankUnited Financial said.
BankUnited Financial said the written ruling should be issued in the next two weeks. The bank expects the FDIC to appeal the decision.
The FDIC seized the bank holding company's failed BankUnited FSB subsidiary in May 2009. The former holding company for BankUnited FSB filed for Chapter 11 protection one day after the thrift was seized.
Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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