Fed. Cir. Reverses Pennzoil Tax Refund Ruling

Law360, New York (January 8, 2008, 12:00 AM EST) -- An appellate court has reversed a ruling of the U.S. Court of Federal Claims, finding that Pennzoil-Quaker State Co. cannot claim a tax refund related to a $4.4 million settlement in an antitrust suit brought by its suppliers.

Agreeing with the government, the U.S. Court of Appeals for the Federal Circuit ruled Tuesday that Quaker did not qualify for a refund under Section 1341 of the Internal Revenue Code, as the company had claimed.

Quaker, which refines and blends crude oils and sells petroleum products, was...
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