Wells Fargo Says IRS Owes It $164M Over Barclays Deal

Law360, New York (December 4, 2013, 6:51 PM ET) -- Wells Fargo & Co. urged a Minnesota federal judge Monday to order the Internal Revenue Service to issue a $164 million tax refund over a $1.25 billion Barclays Bank PLC deal, saying the transaction that generated the refund served a legitimate business purpose.

In a motion for partial summary judgment filed Monday, Wells Fargo says the transaction alleged to be a sham by the IRS, a $1.25 billion loan from Barclays Bank PLC in 2002, was used to support Wells Fargo’s profit-seeking banking business and thus...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Wells Fargo & Company v. United States of America


Case Number

0:09-cv-02764

Court

Minnesota

Nature of Suit

Taxes

Judge

Patrick J. Schiltz

Date Filed

October 5, 2009

Law Firms

Companies

Government Agencies

DEWEY LIVE BLOG

Follow our exclusive coverage of the trial of the year:

Catch up on the Dewey trial here