Proskauer Evades Securities Claim In Tax Shelter Suit

Law360, New York (September 30, 2009, 5:45 PM EDT) -- A judge has dismissed a federal securities fraud claim brought by investors against Proskauer Rose LLP — the sole remaining defendant in a suit that targeted accounting firms, Sidley Austin LLP and others — for its alleged role in an illegal tax scheme.

Judge Gray H. Miller of the U.S. District Court for the Southern District of Texas on Monday dismissed the federal securities fraud claim against the law firm with prejudice.

The judge dismissed state fraud claims with prejudice, however, declining to exercise federal jurisdiction...
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