District of Columbia v. National Bank of Washington

HARRIS, Associate Judge:

This appeal is an aftermath of the extensive pension fund litigation commenced over a decade ago as Blankenship v. Boyle. 1 We resolve whether a portion of a payment made by appellee, The National Bank of Washington (NBW), in settlement of that action is deductible as “interest to .. . depositors” under the District of Columbia’s gross earnings tax on certain financial institutions. 2 Finding error in the trial court’s determination that NBW’s settlement payment did constitute deductible interest, we reverse and reinstate the District’s denial of the bank’s refund…