Lehman Bros., US Reach Deal In $67M Foreign Tax Credit Row

Law360, New York (January 10, 2017, 5:03 PM EST) -- Lehman Brothers Holdings Inc. and the U.S. government have settled a dispute over a $67.1 million federal tax refund claimed by the bankrupt investment firm for United Kingdom taxes, with Lehman Brothers getting a tenth of that figure while dodging more than $18 million in related penalties.

The settlement, signed in December and filed on Tuesday, ends Lehman Brothers' Second Circuit appeal of a federal ruling that barred the long-bankrupt investment bank from offsetting U.S. tax payments on its 1999 and 2000 returns based on U.K. levies...
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