Deutsche Bank AGCohen, Milstein, Hausfeld & Toll, P.L.L.C. represents plaintiffs in a class action lawsuit in the U.S. District Court for the Southern District of New York which seeks damages on behalf of individuals victimized by fraudulent tax schemes. The suit, which is against Deutsche Bank AG, Bayerische Hypo Und Vereinsbank (HVB), Presidio Advisors LLC and certain related entities alleges that the defendants conspired with others, including the KPMG accounting firm, to sell what they falsely described as legitimate tax reduction strategies. According to the complaint, members of the proposed class purchased tax strategies sold under names such as Offshore Portfolio Investment Strategy ("OPIS") and Bond-Linked Issue Premium Structure ("BLIPS"). The purchasers of these strategies were told that they were a legitimate mechanism to reduce tax liability which would likely be approved by the Internal Revenue Service. However, these were not legitimate tax reduction strategies, but were the illegal products of a fraudulent scheme designed only to enrich the conspirators. Individuals who purchased the tax products on now owe millions of dollars in back taxes, penalties and legal fees. The defendants have moved to dismiss the complaint. This motion is currently pending before the court. |
