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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CIT Group Inc | NYSE:CIT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 53.50 | 0 | 01:00:00 |
By Anna Prior
CIT Group Inc. (CIT) said Friday it has reached an agreement with former parent Tyco International Ltd. (TYC) to settle a tax dispute.
According to a filing with the Securities and Exchange Commission, CIT agreed to pay Tyco $60 million, which the commercial lender said will result in a fourth-quarter charge against earnings of $45 million net of reserves.
Tyco, meanwhile, agreed to release all of its rights and claims under the tax agreement, said CIT.
The dispute stemmed from a tax agreement the companies entered into when Tyco spun off CIT in 2002, under which CIT was to pay Tyco for any savings the lender gained under so-called tax attributes Tyco created while it owned CIT, according to the lender's regulatory filings.
A representative for Tyco didn't immediately respond to a request for comment.
CIT, led since 2010 by Wall Street veteran John Thain, specializes in making loans to small and midsize businesses for everything from equipment purchases to acquisitions. It has clawed its way back to profitability since emerging from Chapter 11 bankruptcy in late 2009.
The company in October reported it swung to a third-quarter profit, helped by lower expenses and stronger loan volume.
CIT shares ended Friday at $50.74 and were flat in light after-hours trading. Tyco shares, meanwhile, edged down a penny to $39.60 after hours.
Write to Anna Prior at anna.prior@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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