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Civil Suit Over KPMG Tax Shelters Delayed

by Glen Shapiro, LawAndTax-News.com, New York

11 November 2005


It emerged earlier this week that a San Francisco judge has stayed a civil case concerning tax sheltering arrangements offered by KPMG.

Announcing his decision on Monday, Judge Vaughn Walker stated that he will not hear a case brought by investment advisory firm Presidio Growth, which seeks to prove that the so-called Blips tax shelter is not illegal, until after the US Justice Department has concluded its criminal case against 17 former KPMG officials.

According to reports, two of the officials indicted in the criminal case, Robert Pfaff and John Larson, are the founders of Presidio.

Commenting on the decision to the New York Times, lawyer for Presidio, Steven Bauer announced that:

"We are disappointed that the government, in the interests of justice, won't put things first and welcome having a respected judge like Judge Walker rule on the merits of the IRS's allegations."


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