Cooley LLP announced an important litigation victory for Cooley client Entergy Corporation. The Fifth Circuit ruled in favor of Entergy’s claim for almost $250 million in foreign tax credits for the UK “windfall tax,” a tax on companies in regulated industries that were privatized by the UK. The victory was the product of close collaboration between Entergy’s Tax Counsel and the Cooley tax litigation team. The victory was achieved despite a recent adverse Third Circuit ruling (not involving Cooley) on the same tax.
The New York-based Cooley team was led by partner Stephen Gardner and included of counsel John Steines, associate Ben Oklan and senior counsel Bill O’Brien.
In November, Cooley was named U.S. Tax Court Firm of the Year by the International Tax Review for its work on the case in the U.S. Tax Court in September 2010.
Cooley’s tax practice has an international reputation for innovative, tax-efficient structuring of business transactions and effective resolution of significant tax controversies.
