The IRS is due to go to court today with BNY Mellon (BK) over the latter's use of Barclays'...

|By:, SA News Editor

The IRS is due to go to court today with BNY Mellon (BK) over the latter's use of Barclays' (BCS) "Stars" tax avoidance scheme, which may have cost the U.S. more than $1B in lost receipts. The dispute is over whether the Stars was a legal way for BNY to obtain low-cost financing or whether it enabled the bank to gain credits for foreign tax charges it didn't incur.