Tax ruling on Wells Fargo may spur refunds

New York

WELLS Fargo & Co got less than it wanted in a federal tax-refund lawsuit, yet the bank's partial victory may spur billions of dollars in similar refund claims from companies that have done repeated mergers and acquisitions, tax lawyers say.

The bank had sought refunds - valued at about US$350 million as of 2011 - tied mostly to interest on tax bills over decades. The June 29 decision by a federal appeals court in Washington allowed some, but not all, of the claims to stand.