Daily News: January 31, 2013

U.S. Bank Sues Government to Keep Proceeds of Sale

The Milwaukee Journal Sentinel reported that in a federal lawsuit, U.S. Bank is asking a judge to declare that the bank – not the government – has a right to more than $5 million that was generated when assets of an insolvent business borrower were sold.

According to the Sentinel, the government is claiming it has priority over the sale proceeds because the loan customer, which was involved in imports, also owes Uncle Sam for unpaid customs duties and penalties.

To read the entire Milwaukee Journal Sentinel story, click here.