The U.S. Supreme Court turned away appeals from three financial-services companies that sought to save a total of $1.5 billion by using a tax-avoidance strategy designed by Barclays Plc.
The nation's highest court, without comment, rejected separate appeals by Bank of New York Mellon Corp., American International Group Inc. and a unit of BB&T Corp. All three companies were seeking to overturn federal appeals court rulings that said the Barclays strategy lacked economic substance.
The cases centered on foreign tax credits generated using an approach known as Structured Trust Advantaged Repackaged Securities, or STARS.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
