KPMG, Sidley, Proskauer Hit With Tax Shelter Suit

Law360, New York (October 15, 2007, 12:00 AM EDT) -- A group of funds have launched a new lawsuit against accounting firms KPMG LLP and Grant Thornton International and law firms Proskauer Rose LLP and Sidley Austin LLP, accusing them of conspiring with others to lure them into a tax shelter that proved to be illegal.

The lawsuit, lodged on Friday in the U.S. District Court of Southern Texas, alleges that KPMG approached the plaintiffs with a strategy to claim small gains and large losses for tax purposes and that GTI, the two law firms and...
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