Sovereign Bancorp, Inc. v. United States of America

  1. July 17, 2018

    Santander Can't Dodge Tax Shelter Trial, Judge Says

    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.

  2. September 28, 2017

    Santander Pushes For Deduction In Foreign Tax Credit Row

    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.

  3. September 11, 2017

    Feds Hit Back At Santander's 'Last-Ditch' Tax Refund Bid

    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.

  4. August 28, 2017

    Santander Wants Deduction After $234M Foreign Credit Loss

    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.

  5. March 14, 2016

    US To Appeal $234M Santander Tax Award Win

    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.

  6. November 13, 2015

    IRS Owes $234M To Sovereign In Tax Row, Judge Rules

    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.

  7. September 11, 2015

    US Says 2nd Circ. Ruling Hurts Sovereign In $234M Tax Row

    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.

  8. December 18, 2013

    Sovereign Bancorp Can't Recoup $234M In Taxes, US Says

    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.

  9. November 26, 2013

    Sovereign Bancorp Seeks To Recoup $234M In Taxes From IRS

    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.