WASHINGTON — An appeals court in California has ruled the Federal Deposit Insurance Corp. must wait in line with everyone else for a share of tax refunds awarded to IndyMac Bank's parent company.

The decision, issued late Monday by three judges on the Ninth Circuit Court of Appeals, upholds a lower court ruling and an earlier bankruptcy judge's opinion that the roughly $55 million in tax benefits belongs to the estate of IndyMac Bancorp. The company filed for bankruptcy in 2008 just after its $30 billion thrift was seized in the costliest failure of the mortgage meltdown.

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