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Thursday, February 5, 2009

Proskauer Rose law firm dismissed from tax shelter case

Prominent Houston trial attorney brought a lawsuit against many parties, including the Proskauer Rose law firm, relating to a tax shelter sold by Ernst & Young.

The action filed by Fleming and his company, Pelican Trading, alleged that the Personal Investment Corporation (PICO) tax shelters, which Ernst & Young developed -- and which Proskauer Rose allegedly said were more likely than not permissible under the federal tax code -- resulted in huge losses when an audit by the Internal Revenue Service found them unlawful.

However, the Texas judge granted the dismissal of the law firm, on the grounds that the court had no personal jurisdiction over the firm.

Source: Click Here

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