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...
To view the full article, register now.




Case Information

Case Title

Wells Fargo & Company v. United States of America

Case Number




Nature of Suit



Patrick J. Schiltz

Date Filed

October 5, 2009

Law Firms


Government Agencies

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.