The Delaware Supreme Court has upheld a $10.5 million tax assessment against Lehman Brothers but remanded the case to the state banking commissioner to reconsider millions in penalties he ordered the company to pay. The dispute stems from the purchase by Lehman Brothers Holdings of the federally chartered Delaware Savings Bank. The court declared that the bank was domiciled in Delaware, contrary to Lehman Brothers' claim, and thus subject to state tax on all of its mortgage interest income.
November 09, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The Delaware Supreme Court on Wednesday upheld a $10.5 million tax assessment against Lehman Brothers but remanded the case to the state banking commissioner to reconsider millions of dollars in penalties he ordered the company to pay.
The dispute stems from the purchase by Lehman Brothers Holdings of the federally chartered Delaware Savings Bank in 1999, a move that helped provide financial stability to Lehman’s mortgage business by allowing the company to access Federal Home Loan Bank funds.
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