The former holding company for Colonial Bank, which was seized by federal regulators last year, is suing the Federal Deposit Insurance Corp. over the rights to millions of dollars in disputed assets.

In a lawsuit filed Thursday evening, bank holding company Colonial BancGroup Inc. (CBCGQ) sued the FDIC, the bank's receiver, over the rights to a number of assets--including tax refunds, proceeds from insurance policies and other property--that it says belong to the bankruptcy estate. The FDIC, which sold Colonial's assets to BB&T Corp. (BBT), claims it has dibs on the assets.

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