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Wells Fargo & Company v. United States of America

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Case Number:

0:09-cv-02764

Court:

Minnesota

Nature of Suit:

Taxes

Judge:

Patrick J. Schiltz

Firms

Companies

Sectors & Industries:

  1. February 05, 2018

    Wells Fargo Denied New Trial In $1.25B Tax 'Sham' Case

    A Minnesota federal judge on Monday denied Wells Fargo & Co.'s request for a new trial in a case over a $1.25 billion transaction deemed a tax "sham" by the Internal Revenue Service, saying it could not consider new arguments by the financial institution.

  2. November 21, 2017

    Wells Fargo's Bid To Retry Case Must Be Denied, Feds Say

    Wells Fargo's attempt to retry settled matters of law and fact relating to a tax refund claim should be denied out of hand because the bank did not meet rules governing post-trial arguments, the Department of Justice told a Minnesota federal judge Tuesday.

  3. October 25, 2017

    Wells Fargo Fights Sliced Tax Refund From $1.25B Transaction

    Wells Fargo & Co. asked a Minnesota federal judge Tuesday to reconsider its halving of a tax refund related to a $1.25 billion securities transaction the court had already ruled was a sham, saying it's entitled to claim foreign tax credits.

  4. September 25, 2017

    Wells Fargo Gets Refund Halved To $13.7M For Tax 'Sham'

    A Minnesota federal judge on Monday approved an agreement for the IRS to pay Wells Fargo & Co. $13.7 million plus interest, which is what remains of the bank's tax refund after factoring in penalties related to a $1.25 billion securities transaction that the court ruled was a sham.

  5. September 18, 2017

    Wells Fargo Can't Deduct Tax In Sham Barclays Transaction

    A last-minute bid by Wells Fargo & Co. to deduct $150 million in foreign taxes was blocked by a Minnesota federal judge Friday, who found the complex transaction that generated the tax was a sham and the bank's request for relief came too late.

  6. August 08, 2017

    IRS Pushes To Trim Wells Fargo Tax Suit Over $1.25B Deal

    The Internal Revenue Service on Monday pushed a Minnesota federal judge to toss part of Wells Fargo's suit over a more than $1.25 billion securities transaction, alleging that the bank had waived its arguments to deduct foreign taxes.

  7. May 24, 2017

    Wells Fargo Fails To Escape Penalty In $1.25B Tax 'Sham'

    Wells Fargo couldn't escape a 20 percent penalty for a $1.25 billion securities transaction, part of which has been deemed a tax-avoidance sham, but it won a partial victory to deduct interest paid on a foreign loan, under a Minnesota federal court's ruling Wednesday.

  8. December 19, 2016

    Feds Seek Penalty From Wells Fargo For $1.25B Tax 'Sham'

    The United States has urged a Minnesota federal court to impose a 20 percent negligence penalty on Wells Fargo for a $1.25 billion securities transaction with Barclays PLC, claiming the transaction served no purpose other than to act as a tax shelter.

  9. November 18, 2016

    Jury Sides With Feds In Wells Fargo $76M Tax Credit Suit

    A federal jury ruled mostly for the U.S. on Thursday over its decision to charge Wells Fargo $76 million worth of taxes on a $1.25 billion transaction with Barclays PLC that the government called nothing but a tax shelter.

  10. October 26, 2016

    Wells Fargo Hits Back At Feds In $76M Tax Credit Suit

    Wells Fargo should not have to prove its entitlement to foreign tax credits under the "substance over form" doctrine in a $76 million tax dispute, the bank told a Minnesota federal court Tuesday, because the U.S. government's pretrial arguments featuring the doctrine are "legally flawed."

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