Prominent US law firm, Jenkens and Gilchrist has been ordered by a federal judge to hand over the names of clients who invested in tax schemes formulated by its Tax and Estate Planning Practice Group and its Structured Investment Practice, between June 1998 and June 2003.
The ruling marks the conclusion of a five year battle between the firm and the Internal Revenue Service, and according to the Wall Street Journal, has been welcomed by IRS commissioner, Mark Everson.
Ruling at the Northern District of Illinois court on Friday, US District Judge James Moran granted permission for the law firm's clients to raise claims of attorney-client privilege.
However, he observed that there "does not appear to be...sustainable grounds for the assertion of privilege for the great majority of client materials", and warned that clients would be penalised for bringing frivolous privilege claims.
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