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

Wednesday, 14 Apr 2010 11:24 AM


  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
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.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Mali's Islamists Withdraw Cease-Fire Pledge

Friday, 04 Jan 2013 13:06 PM

Tens of thousands of Fatah supporters rallied in the Hamas stronghold of Gaza on Friday for the first time since they we . . .

Fmr. CIA Director Hayden: Iran Nuclear Crisis Gets 'Scarier'

Tuesday, 17 Jul 2012 18:11 PM

 . . .

Join Fmr. CIA Director for Special Iran Briefing, Assess the Danger

Friday, 13 Jul 2012 12:27 PM

 . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved