Paul L. Caron

Tuesday, December 2, 2008

Government Throws in Towel in KPMG Tax Shelter Case

From the Wall Street Journal's Law Blog:

It’s over. The Justice Department declined to ask the Supreme Court to review the 2nd Circuit’s ruling in U.S. v Stein. That’s the case, once billed by the government as the largest tax-fraud prosecution in history, in which U.S. District Judge Lewis Kaplan of Manhattan dismissed the indictments of 13 former KPMG executives because prosecutors violated their rights. The violation? Pressuring KPMG not to pay the defendants’ legal fees.

More than three months ago, the 2nd Circuit affirmed Kaplan’s decision. The deadline to file a petition for writ of certiorari with The Supremes was last week.

See also New York Times:  Prosecutors Pass on Chance to Revive Tax Shelter Case, by Lynnley Browning.  Prior TaxProf Blog coverage:

Update:  Editorial in Wednesday's Wall Street Journal:  Tax Fraud Finale; Justice Gives Up Its Misbegotten Tax Case.

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Tracked on Dec 3, 2008 5:01:42 AM