A Delaware subsidiary of Lehman Brothers Holdings Inc. may soon be forced to write a $10 million check to the state government, after the U.S. Supreme Court refused to hear Lehman's appeal of a Delaware Superior Court ruling pinning the tax bill on the bank.
U.S. prosecutors have charged Mercury Interactive Corp.'s former chief financial officer with involvement in a scam to backdate stock option grants that last year caused the company to shell out $117 million to placate angry shareholders.
Constellation Energy and Maryland authorities have resolved their legal battle over consumer tax credits with a deal that will deliver $346 million in credits and $187 million in one-time rebates to the company's residential customers in Maryland.
Florida's Department of Revenue told the Supreme Court Wednesday that it should be able to tax court-approved Chapter 11 asset sales as long as a reorganization plan has not yet been confirmed.
Federal prosecutors have decided to pursue a new, separate fraud charge against one of the former KPMG International employees who already stands accused of engaging in a massive tax shelter fraud.
The European Commission took aim Wednesday at Italy for giving unlawful fiscal aid to privatized banks, hitting nine Italian banks with a total of €123 million ($191.5 million) in fines and referring the country to the European Court of Justice for failing to recover illegal state aid in another instance.
To help clients take advantage of the recent downturn in the capital markets, law firm Thacher Proffitt & Wood LLP has created a new group focused on distressed assets.
Accounting giant Ernst & Young LLP has billed Dura Automotive Systems Inc. nearly $1 million for a month's work as tax and risk adviser to the bankrupt auto parts maker.
Expanding the web of a criminal case that has already ensnared four Ernst & Young employees, the U.S. attorney's office for the Southern District of New York issued a new indictment Tuesday, adding more defendants and more charges related to an alleged scheme to develop and market fraudulent tax shelters.
Instituting a carbon dioxide tax is a more efficient way of controlling carbon dioxide emissions than cap-and-trade approaches, according to a new report from the U.S. Congressional Budget Office.
An assistant U.S. attorney who specializes in corruption and criminal tax matters will soon make the jump from the federal government to Pepper Hamilton LLP's white-collar and corporate investigations practice group.
The bankrupt New York Racing Association has objected to a $275,000 income tax claim brought by New York City, arguing that the city lacks the authority to levy the tax.
With the outlook on Wall Street becoming bleaker by the day, Lehman Holdings Inc. is now also locked in a battle with the Internal Revenue Service over an estimated $685 million in total tax benefits that the brokerage giant previously reported.
With tax season right around the corner, New York state regulators have set out to curb the allegedly predatory lending practices of two of the state's largest tax preparers.
A litigator at a San Francisco law firm was appointed the first female special master in the history of the U.S. Supreme Court on Tuesday. Kristin Linsley Myles, a litigation partner at Munger, Tolles & Olson and a former law clerk to Justice Antonin Scalia, was named special master in South Carolina v. North Carolina.
An appellate court has reversed a ruling of the U.S. Court of Federal Claims, finding that Pennzoil-Quaker State Co. cannot claim a tax refund related to a $4.4 million settlement in an antitrust suit brought by its suppliers.
A group of Texas counties has cried foul over Delphi Corp.'s proposed reorganization plan, arguing that the bankrupt auto supplier is attempting to wiggle out of its current tax obligations.
Michigan has launched two new tax audits at Delphi Corp., hoping to shake down the bankrupt auto supplier for the alleged $10.5 million it owes the state in unpaid business taxes.
The U.S. Supreme Court agreed on Monday to hear a case in which three coal mining units of TECO Energy Inc. are trying to get additional interest on the recovery of an illegally levied tax.
An appeals court ruled on Wednesday that aluminum producer Alcoa Inc. is not entitled to a refund of taxes it could have saved if it had spent more money on disposing of toxic waste in the years between 1940-1987, instead of spending it on a cleanup in 1993.