Bank Granted Summary Judgment Against Investment Company in Tax Shelter Case

The United States District Court for the Northern District of California denied Sussex Financial Enterprises, Inc. motion for partial summary judgment against Bayerische Hypo-und Vereinsbank AG ("HVB") and granted HVB's motion for summary judgment.  The court dismissed the fraud and RICO claims brought by Sussex against HVB for its role in promoting illegal tax shelters.  The court cited Sussex's failure to produce evidence substantiating the claims.

See Court Dismisses Investment Company's Fraud and RICO Claims Against Bank, 2010 TNT 140-8 (July 20, 2010).

Posted by James G. Haskell, Associate Editor, Wealth Strategies Journal.