HUNTINGTON — A couple is suing Wesbanco claiming an error in a tax filing caused harm.
David Porter and Kimberly Porter claim Kimberly Porter was the owner of 4,000.6 shares of First Sentry Bank prior to its merger with Wesbanco and received 6,347.6 shares of Wesbanco in exchange for her First Sentry shares, according to a complaint filed in Cabell Circuit Court.
The Porters claim in 2019, they received a Form 1099-B from the IRS stating Kimberly Porter had $272,692.89 in taxable income from the shares, however, since no federal income tax was payable by Kimberly Porter as a result of the reorganization, the 1099-B should have shown zero as the taxable income. In December 2020, Kimberly Porter received two notifications that a mistake had been made.
"By erroneously characterizing the value of the Wesbanco shares received by the plaintiff...as taxable income on the initial form 1099-B, Computershare acted carelessly, negligently, recklessly and tortiously, all to the detriment of plaintiffs," the complaint states.
The Porters are seeking judgment in the amount of $65,000. They are represented by James R. Bailes and Todd A. Biddle of Bailes Craig Yon & Sellards.
The case is assigned to Circuit Judge Christopher D. Chiles.
Cabell Circuit Court case number: 21-C-277
