A DISTRICT court lacked jurisdiction to declare that the receiver in the Credit Bancorp scandal could favor the interests of the investment firm’s customers over tax debts owed the federal government, the U.S. Court of Appeals for the Second Circuit ruled yesterday.
Finding that the government had not waived its sovereign immunity, the Second Circuit also ruled that the lower court did not have the power to declare that receiver Carl H. Loewenson Jr. would incur no personal liability for tax debts of Bancorp or the receivership under the Federal Debt Priority Statute, 31 U.S.C. �3713(b).
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