Judge Rebukes Sidley Austin, BB&T Over Tax Scheme

Law360, New York (September 23, 2013, 2:54 PM ET) -- A U.S. Court of Federal Claims judge blasted Sidley Austin LLP attorneys and BB&T Corp. on Friday for “reprehensible” conduct over their alleged involvement in a scheme to help BB&T dodge taxes, and ordered the bank to pay $112 million in fines.

Judge Thomas C. Wheeler's ruling, which came after a 21-day trial from March to April, cited a government expert's testimony that the “enormous ingenuity” of the sophisticated scheme was a “waste of human potential.” Besides the penalty to the Winston Salem, N.C.-based bank, Judge...
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