In a victory for accounting firm BDO Seidman, a federal appeals court judge reversed a district court decision and ruled this week that a group of investors can't sue BDO Seidman over the sale of an illegal tax shelter, and instead must arbitrate their claim.
Nine investors, led by Thomas Denney, sued Chicago-based BDO Seidman and Deutsche Bank in 2003 over the sale of a tax shelter known as Currency Options Bring Reward Alternatives, or Cobra, that was deemed abusive and banned by the Internal Revenue Service.
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