Deutsche, KPMG Hit With $12M Tax Shelter Suit

Law360, New York (October 20, 2009, 6:00 PM EDT) -- Investor Louis Kreisberg has hit Deutsche Bank AG, Deutsche Bank Securities Inc. and KPMG LLP with a lawsuit seeking at least $12 million in damages for allegedly misrepresenting or withholding information about trades made on his behalf in connection with an illegal tax shelter scheme.

Kreisberg and his currency trading company Bodega Investments LLC made investments in several derivative positions tied to the exchange rate between the dollar and the yen in late 2001, based on a series of representations made by Deutsche and KPMG, according...
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