Wells Fargo & Company v. United States of America
Case Number:
0:09-cv-02764
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February 05, 2018
Wells Fargo Denied New Trial In $1.25B Tax 'Sham' Case
A Minnesota federal judge on Monday denied Wells Fargo & Co.'s request for a new trial in a case over a $1.25 billion transaction deemed a tax "sham" by the Internal Revenue Service, saying it could not consider new arguments by the financial institution.
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November 21, 2017
Wells Fargo's Bid To Retry Case Must Be Denied, Feds Say
Wells Fargo's attempt to retry settled matters of law and fact relating to a tax refund claim should be denied out of hand because the bank did not meet rules governing post-trial arguments, the Department of Justice told a Minnesota federal judge Tuesday.
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October 25, 2017
Wells Fargo Fights Sliced Tax Refund From $1.25B Transaction
Wells Fargo & Co. asked a Minnesota federal judge Tuesday to reconsider its halving of a tax refund related to a $1.25 billion securities transaction the court had already ruled was a sham, saying it's entitled to claim foreign tax credits.
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September 25, 2017
Wells Fargo Gets Refund Halved To $13.7M For Tax 'Sham'
A Minnesota federal judge on Monday approved an agreement for the IRS to pay Wells Fargo & Co. $13.7 million plus interest, which is what remains of the bank's tax refund after factoring in penalties related to a $1.25 billion securities transaction that the court ruled was a sham.
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September 18, 2017
Wells Fargo Can't Deduct Tax In Sham Barclays Transaction
A last-minute bid by Wells Fargo & Co. to deduct $150 million in foreign taxes was blocked by a Minnesota federal judge Friday, who found the complex transaction that generated the tax was a sham and the bank's request for relief came too late.
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August 08, 2017
IRS Pushes To Trim Wells Fargo Tax Suit Over $1.25B Deal
The Internal Revenue Service on Monday pushed a Minnesota federal judge to toss part of Wells Fargo's suit over a more than $1.25 billion securities transaction, alleging that the bank had waived its arguments to deduct foreign taxes.
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May 24, 2017
Wells Fargo Fails To Escape Penalty In $1.25B Tax 'Sham'
Wells Fargo couldn't escape a 20 percent penalty for a $1.25 billion securities transaction, part of which has been deemed a tax-avoidance sham, but it won a partial victory to deduct interest paid on a foreign loan, under a Minnesota federal court's ruling Wednesday.
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December 19, 2016
Feds Seek Penalty From Wells Fargo For $1.25B Tax 'Sham'
The United States has urged a Minnesota federal court to impose a 20 percent negligence penalty on Wells Fargo for a $1.25 billion securities transaction with Barclays PLC, claiming the transaction served no purpose other than to act as a tax shelter.
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November 18, 2016
Jury Sides With Feds In Wells Fargo $76M Tax Credit Suit
A federal jury ruled mostly for the U.S. on Thursday over its decision to charge Wells Fargo $76 million worth of taxes on a $1.25 billion transaction with Barclays PLC that the government called nothing but a tax shelter.
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October 26, 2016
Wells Fargo Hits Back At Feds In $76M Tax Credit Suit
Wells Fargo should not have to prove its entitlement to foreign tax credits under the "substance over form" doctrine in a $76 million tax dispute, the bank told a Minnesota federal court Tuesday, because the U.S. government's pretrial arguments featuring the doctrine are "legally flawed."