Daily Herald
Corus sues FDIC to keep $257 million in tax refunds
Bloomberg News
Published: 6/29/2010 3:59 PM

Corus Bankshares Inc., the holding company whose bank was seized by regulators last year, sued the Federal Deposit Insurance Corp. to protect $257 million in tax refunds.

Corus, which is in bankruptcy protection, is seeking a court order that the tax refunds are property of the company, according to the lawsuit filed yesterday in U.S. Bankruptcy Court in Chicago.

The FDIC may argue that some or all of the refunds are assets of Corus Bank, the holding company said in the complaint. The FDIC was appointed as receiver for Corus Bank in September, when the bank was closed by the Office of Thrift Supervision.

David Barr, a spokesman for the FDIC, said the agency doesn't comment on active litigation.

Corus Bankshares, based in Chicago, filed for bankruptcy on June 15, listing assets of $314.1 million and debt of $532.9 million.

The case is In re Corus Bankshares Inc., 10-26881, U.S. Bankruptcy Court, Northern District of Illinois (Chicago).