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...
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

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.