Deutsche Bank must face claims by a Chicago physician that it aided a defunct law firm in promoting an illegal tax shelter which was marketed across the country over a decade ago, a federal judge has ruled. The decision on Tuesday by U.S. District Judge James Zagel comes in a long-running lawsuit by physician John McMahan, who said he relied partly on the reputation of Deutsche Bank in deciding to participate in the tax shelter called “Son of Boss,” which was later disallowed by the U.S. Internal Revenue Service. To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/1TP59sx
A US federal judge has ruled that Deutsche Bank must face claims by Chicago physician, McMahanJohn McMahan, that helped a defunct law firm in promoting an illegal tax shelter which was marketed across the US over ten years ago. John McMahan argues that he relied partly on the reputation of Deutsche Bank in deciding to take part in the tax shelter named "Son of Boss", which was later disallowed by the US Internal Revenue Service.