Wells Fargo Says It Deserves $164M Tax Refund

Law360, New York (November 19, 2013, 3:31 PM EST) -- Wells Fargo & Co. told a Minnesota federal judge Monday that it was wrongly denied a quick win in its bid to receive a $164 million tax refund stemming from a purported sham transaction, saying the special master ignored settled law in sending the case to a jury.

The bank said the tax refund in question came from a complex set of transactions surrounding a $1.25 billion loan from Barclays Bank PLC in 2002. The IRS disallowed the $164 million refund tied to the transaction, saying...
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