Lehman Sues U.S. for $110 Million in Tax Overpayment

Wednesday, 14 Apr 2010 11:24 AM

 

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Lehman Brothers Holdings has sued the U.S. government, asking for the return of some $110 million that the bankrupt investment firm said it overpaid in taxes and penalties in 1999 and 2000.

Tax refunds paid to a bankrupt company usually become part of the estate and can be allocated to creditors.

Representatives for Lehman were unavailable to comment on how any possible tax returns might be allocated in this case.

A U.S. Internal Revenue Service spokesman said the IRS can not discuss or disclose information about a U.S. taxpayer.

Lehman said it is entitled to a refund of federal income taxes and penalties they overpaid for dividends paid for borrowed stock.

Lehman filed the biggest bankruptcy in U.S. history in September 2008. The Wall Street investment bank’s failure helped trigger a freeze of global credit markets, forcing the U.S. government to provide $700 billion in bailout funds.

© 2014 Thomson/Reuters. All rights reserved.

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