FoMoCo has sued the U.S. government. Yes you read that right. FoMoCo is suing the government alleging that the IRS owes them $445.3 million interest on tax overpayments. The lawsuit was filed on Thursday in the U.S. District Court in Detroit.
The suit comes after a long dispute between FoMoCo and the IRS over how much interest should be calculated for overpayments. According to Automotive News, an IRS representative declined to comment.
For June 2008, Ford reported a 28 percent decline from the same period an year ago. The automaker, like every other automaker, saw a major decline in SUVs and pickup sales.
Ford reported a loss of $2.7 billion last year. It said the interest owed from overpayments is from 1992, 1994 and the period from 1983 through 1989.
Source: Automotive News (Subscription Required)