Sidley Austin Tax Shelter Claims Ruled Time-Barred

Law360, New York (June 2, 2009, 12:00 AM EDT) -- A federal appeals court has dismissed securities fraud claims against law firm Sidley Austin LLP and accounting firm KPMG Inc., upholding a lower court decision that the claims filed against the two firms in relation to an allegedly fraudulent tax shelter were time-barred.

In an unpublished ruling Monday, the U.S. Court of Appeals for the Second Circuit decided that the statute of limitations on securities fraud, breach of contract, breach of fiduciary duty, legal malpractice and unjust enrichment claims made by Edward H. Arnold had run...
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