TITLE

Sidley on the back foot as judge okays civil lawsuit

AUTHOR(S)
Westacott, Gemma
PUB. DATE
July 2005
SOURCE
Lawyer;7/4/2005, Vol. 19 Issue 26, p8
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that a civil lawsuit against the U.S. law firm Sidley Austin Brown & Wood LLP concerning the firm's alleged involvement in tax sheltering arrangements is to proceed after a judge declined to dismiss the claim. The case centres on the involvement of Sidley, along with co-defendants Deutsche Bank and former Sidley lawyer RJ Ruble, in the currency options bring reward alternatives (Cobra) tax strategy, which has since been declared improper by the Internal Revenue Service (IRS). Telecommunications executive William Seippel alleges that the defendants sold him the Cobra tax strategy in 2003 knowing the IRS would reject it. A later IRS investigation resulted in Seippel and his wife paying more than $5m in taxes, penalties and fees.
ACCESSION #
17605475

 

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