Investors sue Bank One over tax shelters (Reuters)

[Up2Late]

Investors sue Bank One over tax shelters

Wed Jun 29, 2005 01:38 PM ET

NEW YORK (Reuters) - Three investors have sued Bank One Corp., which is now part of JPMorgan Chase & Co. (JPM.N: Quote, Profile, Research) , accusing it of marketing a tax shelter that let rich investors improperly hide millions of dollars. The lawsuit, filed in an Illinois state court last month and moved to federal court in Chicago on June 13, alleges fraud and malpractice, and seeks punitive damages.

Other defendants include Deutsche Bank AG (DBKGn.DE: Quote, Profile, Research) , American Express Co. (AXP.N: Quote, Profile, Research) , the law firm White & Case LLP, and the defunct accounting firm Arthur Andersen.

The case involves two shelters called Homer and Bart, named for cartoon characters in the TV show "The Simpsons." This is the latest case involving alleged improper tax shelters. KPMG LLP, the accounting firm, this month apologized for helping set up illegal shelters, hoping to avoid a possible indictment like the one that destroyed Andersen.

According to the complaint, Deutsche Bank provided loans and conducted related transactions to help carry out the tax avoidance strategy, and it worked with its lawyers White & Case to design Homer.

<http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=8930782&src=rss/businessNews>
(more at link above)

[navvet]

1. I hope the investors win a ton of money

and that KPMG LLP is sued into receivership.

Blast those greedy &(^T% bankers anyway.

:mad: :grr: