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United Western trustee sues FDIC over $4.65 million tax refund dispute
By Caroline Salls
Pittsburgh, April 17 - United Western Bancorp, Inc.'s Chapter 7 trustee filed a lawsuit Wednesday against the Federal Deposit Insurance Corp. in connection with a dispute over the proper ownership of a $4.65 million 2009 federal income tax refund claim, according to a filing with the U.S. Bankruptcy Court for the District of Colorado.
The FDIC is the receiver for the company's wholly owned subsidiary United Western Bank.
Trustee Simon E. Rodriguez said he is asking the court to disallow the FDIC's claim related to the tax refund in question or to rule that the claim should be allowed only as a non-priority, unsecured, pre-bankruptcy claim for a share of the refund.
The trustee is also asking the court to rule that the tax refund is an asset of United Western Bancorp's bankruptcy estate and that the estate can recover that asset.
According to the lawsuit, the FDIC's claim asserts that the refund is the property of the receiver and that United Western Bancorp would hold the refund as its agent and fiduciary. The trustee said this claim is false and there is no trust or other fiduciary relationship between the company and the bank.
Rodriguez said the FDIC's claim also asserts several contingent claims for fraudulent transfers/unlawful dividends, insurance proceeds and miscellaneous other claims, but does not offer any evidence supporting those claims. The trustee said he is not aware of any evidence of those claims.
United Western is the holding company for a Denver community-based bank. The company filed for bankruptcy on March 2, 2012 under Chapter 11 case number 12-13815.
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