Virgin Islands Sues Ocwen for $10 Million Over Mistaken Refund

The US Virgin Islands sued loan provider Ocwen seeking more than $10 million in taxes, penalties, and interest following what it calls an erroneous 2013 refund.

According to the complaint, the issue dates to 2017 when Ocwen USVI Services LLC—successor in interest to Ocwen Mortgage Services Inc. and now known as Onity Group—filed an amended Form 1120X corporate tax return for the tax year. Its initial return claimed $424.21 million in taxable income for the year, but the amended return reduced that to $228 million after applying a $180 million net operating loss carryback for the 2015 tax year. This ...