July 17, 2018
A Massachusetts federal judge ruled Tuesday that Santander Group cannot escape the fallout of a First Circuit opinion finding that the company formerly known as Sovereign Bancorp. appears to have operated a trust with the makings of a tax shelter in the U.K. from 2003 to 2005.
September 28, 2017
Santander Group's U.S. unit told a Massachusetts federal judge Thursday that a Minnesota court's recent decision denying Wells Fargo's tax deduction bid tied to an international securities transaction has no bearing on Santander's similar request in this case, despite what the U.S. government has argued.
September 11, 2017
The U.S. government slammed a bid from Santander Group's U.S. unit for tax deductions relating to an international securities transaction, telling a Massachusetts federal court Friday that the bank's request is a "last-ditch" effort to benefit from the deal after losing $234 million in foreign tax credits.
August 28, 2017
Santander Group's U.S. unit, which earlier this year lost its bid for $234 million in foreign tax credits relating to an international securities transaction, is now seeking tax deductions instead.
March 14, 2016
The U.S. government said that it will appeal a $234 million tax award issued to Santander Group’s U.S. unit in a dispute in an international securities transaction, less than a week after the U.S. Supreme Court declined to hear a challenge to government determinations in similar cases.
November 13, 2015
A Massachusetts federal judge on Friday ruled that Sovereign Bancorp can recover some $234 million that it paid in taxes, interest and penalties to the federal government over an international securities transaction, finding the deal had a business purpose outside its tax benefits.
September 11, 2015
A recent decision in the Second Circuit hamstrings Sovereign Bancorp's argument that it should not owe the government some $234 million in taxes, interest and penalties on an international securities transaction, the U.S. told a Massachusetts federal court Thursday.
December 18, 2013
The U.S. government fired back Monday at Sovereign Bancorp's attempt to claw back $234 million in assessed taxes, asking a Massachusetts federal court to look at each step in the bank's questionable securities transaction and deem it a tax shelter scheme.
November 26, 2013
In light of a Massachusetts federal judge's ruling that an international securities deal between banks contained economic substance, Sovereign Bancorp should be able to recoup $234 million in taxes assessed because the Internal Revenue Service labeled the scheme as a tax shelter, the bank argued on Monday.