Citigroup takes US government to court over $413m of wrongly charged taxes
Citigroup is taking the US government to court over allegations it is owed $413m in taxes that the government wrongly assessed and collected after Citigroup's acquisition of Glendale Federal Bank in the 1980's. &nbsp;According to Citigroup, the government breached a contract with Glendale when it enacted a regulation in 1989 that increased Glendale's regulatory capital requirements and got rid of its ability to count its supervisory goodwill asset. Citigroup says it was never compensated for the losses that were a result of Glendale's supervisory goodwill asset becoming worthless.
By Beth Winegarner (September 2, 2015, 8:29 PM EDT) -- Citigroup Inc. hit the U.S. government with a lawsuit in the Court of Federal Claims on Tuesday, alleging the government owes the bank $413 million in taxes it wrongly assessed and collected after Citigroup acquired Glendale Federal Bank in the wake of the early 1980s thrift crisis....

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