Tax

  • July 28, 2008

    TNK-BP Exec Flees Russia Amid Bitter Feud

    Four billionaire shareholders in Russian oil venture TNK-BP reportedly pressured BP Monday to tell them where CEO Robert Dudley is residing, saying his whereabouts could have tax implications.

  • July 25, 2008

    Rigases Hit With Two More Counts Of Tax Fraud

    Shortly after a federal judge refused to drop charges of tax evasion and conspiracy against the founder of bankrupt cable company Adelphia Communications Corp. and his son, the U.S. government has hit John and Timothy Rigas with a new indictment, tacking on two counts of tax evasion for the year 2001.

  • July 18, 2008

    Offshore Banks Help Americans Evade Taxes: Report

    Bank secrecy laws and practices have served to shield and assist clients who deposit their money in offshore bank accounts and evade U.S. taxes, a U.S. Senate panel has found after investigating the workings of foreign banks LGT Group and UBS AG.

  • July 14, 2008

    Lawyer To Plead Guilty In Milberg Kickback Case

    The last defendant in a Milberg LLP kickback case has agreed to plead guilty to a tax-related felony for laundering money as part of a scheme offering professional plaintiffs millions of dollars to testify.

  • July 14, 2008

    DOJ Lawyer Moves To Post & Schell

    After 11 years at the U.S. Department of Justice, Peter Hardy has joined the white-collar defense, compliance and risk management group at Post & Schell PC in Philadelphia.

  • July 14, 2008

    2nd Home Depot Worker Pleads Guilty To Kickbacks

    A former Home Depot employee has pled guilty to criminal charges of participating with vendors and fellow employees in a five-year kickback scheme that elicited more than $2.5 million in secret payoffs not reported to the Internal Revenue Service.

  • June 18, 2008

    U.S. Won't Have To Pay Texaco $100M Tax Refund

    A federal appeals court has ruled that Texaco Inc. does not have the right to recover $101 million in federal tax refunds on settlement payments the company made to the U.S. Department of Energy.

  • June 16, 2008

    Piccadilly Can’t Avoid Transfer Taxes: High Court

    The U.S. Supreme Court ruled Monday against bankrupt Piccadilly Cafeterias Inc., saying that struggling companies cannot get out of paying transfer taxes on asset transfers that occur before a bankruptcy court approves a reorganization plan.

  • May 19, 2008

    Municipal Bond Exemptions OK: Supreme Court

    The U.S. Supreme Court has decided that states can tax their own municipal bonds more favorably than out-of-state bonds and that the practice does not violate the U.S. Constitution.

  • May 16, 2008

    Alternative Energy Tax Credit Bill Moves Forward

    A U.S. House of Representatives panel on Thursday signed off on a plan to extend tax credits for wind power and other alternative energy sources.

  • May 12, 2008

    $15.6M Claim Against Delta Reinstated On Appeal

    A district judge has reversed a bankruptcy court's ruling that disallowed $15.6 million in claims lodged by Lone Star Air Partners LLC against Delta Airlines Inc., dealing Delta a blow in its dispute with Lone Star over leveraged lease transactions involving aircraft.

  • May 7, 2008

    Ex-Dynegy Lawyer Asks Judge To Step Down

    A former tax attorney for power company Dynegy Inc. who is appealing the six-year prison term he is currently serving for securities fraud has asked the judge overseeing his case to recuse himself, noting that the judge was friendly with a prosecutor who allegedly kept him from mounting a proper defense.

  • May 5, 2008

    Firm Loses Bid For Travel Expense Reimbursement

    A tax law firm seeking the full hourly rate of reimbursement for travel expenses in the Chapter 11 case of energy technology provider Babcock & Wilcox Co. has been rebuffed by an appeals court.

  • April 29, 2008

    Supreme Court Refuses Lehman Tax Case

    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.

  • April 22, 2008

    Mercury's Ex-CFO Charged With Backdating Scam

    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.

  • March 28, 2008

    Constellation Strikes Deal On Consumer Credits

    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.

  • March 26, 2008

    Supreme Court Hears Transfer Tax Exemption Case

    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.

  • March 19, 2008

    KPMG Defendant's Woes Continue To Multiply

    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.

  • March 13, 2008

    EU Fines Italian Banks €123M Over Illegal Aid

    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.

  • March 11, 2008

    Thacher Proffitt Forms Distressed Debt Group

    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.