BB&T Says It Will Appeal $74M Tax Fraud Ruling

Law360, New York (February 28, 2014, 1:15 PM EST) -- BB&T Corp. will appeal a federal court decision that denied it $74 million in foreign tax credits after finding they were the result of a coordinated fraudulent scheme, according to a Thursday filing with the U.S. Securities and Exchange Commission.

The scheme in question, Structured Trust Advantaged Repackaged Securities, or STARS, allegedly created the appearance of overseas economic activity when there was none in order to dodge taxes, and in September, Judge Thomas C. Wheeler blasted Sidley Austin LLP attorneys and BB&T Corp. for “reprehensible” conduct over their...
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Case Information

Case Title

Salem Financial, Inc. v. US


Case Number

14-5027

Court

Appellate - Federal Circuit

Nature of Suit

210 Tax - Income, Corporate

Date Filed

December 12, 2013

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