Judge Invalidates Tax Shelter

Law360, New York (February 2, 2007, 12:00 AM EST) -- In a move that could influence the ongoing criminal investigation into improper tax shelters, a district court judge has determined that a popular tax shelter is not legitimate.

Judge T. John Ward of the U.S. District Court for the Eastern District of Texas has ruled that the Blips tax shelter, widely used by Deutsche Bank and KPMG, was based on fraudulent bank loans.

Ward ruled that the tax shelter was entirely fake, having been based on false loans and lacking any ostensible business purpose. The ruling...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.