Activision Exec Understood Tax Shelter Risks, Banks Say

Law360, New York (April 10, 2012, 7:42 PM EDT) -- Enterprise Bank and Trust and UniCredit SpA affiliates asked a New York state judge on Tuesday to dismiss allegations that they cost the co-chairman of video game publisher Activision Blizzard Inc. millions of dollars with a fraudulent tax shelter, saying the executive knew the risks of the complex transaction.

Activision Blizzard co-chairman Brian G. Kelly, his wife, Joelle, and several companies and trusts they control want the banks — UniCredit SpA's Bayerische Hypo- und Vereinsbank AG, known as HVB, and St. Louis-based Enterprise Bank and Trust...
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