Law360, New York (November 02, 2009) -- CIT Group Inc. has slid into Chapter 11 bankruptcy, an action that will likely cost U.S. taxpayers $2.3 billion and raises questions about the lender’s ability to continue to service a broad swath of the small business and middle-market sectors.
In a voluntary petition filed in the U.S. Bankruptcy Court for the Southern District of New York late Sunday night, CIT listed assets of $71 billion and liabilities of $65...
