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

Law360, New York (December 4, 2013, 6:51 PM EST) -- 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...
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