Chevron Sues For $6.3M Over Building Tax Scheme

Law360, New York (October 15, 2009, 2:50 PM EDT) -- Chevron USA Inc. is suing three people whose corporations purportedly agreed to funnel tax credits to the oil company, saying they breached a guaranty agreement and owe $6.3 million in the wake of the deal's collapse.

Chevron filed suit against Colorado Springs, Colo., lawyer Gregory D. Timm and two other Colorado Springs-area residents Wednesday in the U.S. District Court for the District of Colorado.

The oil giant and the defendants were partners in a somewhat complicated deal to transfer to Chevron “historic tax credits” connected to...
To view the full article, register now.