Imperial Capital Bancorp Inc. v. Federal Deposit Insurance Corp.
Published: Jun. 1, 2013 | Result Date: May 16, 2013 | Filing Date: Jan. 1, 1900 |Case number: 3:10-cv-1991 Summary Judgment – Plaintiff
Court
USDC Southern District of California
Attorneys
Plaintiff
Robert S. Marticello
(Smiley Wang‑Ekvall, LLP)
Defendant
Facts
Imperial Capital Bancorp filed suit against the Federal Deposit Insurance Corp., seeking a declaratory judgment regarding ownership of certain tax refunds. Imperial Capital Bancorp was the parent company of Imperial Capital Bank, and filed combined tax returns for the 2004-2009 tax years. On Dec. 18, 2009, the California Dept. of Financial Institutions closed the bank and the FDIC was appointed as receiver. Imperial filed a petition for relief under chapter 11 of the Bankruptcy Code. Imperial and the FDIC entered into a settlement for the bankruptcy case, and the resulting tax refunds were placed into a joint escrow account.
Result
The court granted Imperial's motion for summary judgment and found that the tax refunds were the property of Imperial's bankruptcy estate.
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