Five Silicon Valley businessmen are suing Ernst & Young, accusing the firm of roping them into an illegitimate tax shelter around the time of the dot-com implosion.
According to the San Jose Business Journal, the men -- Thomas Fallon, Carl Redfield, Richard Timmins, Robert Puette and Alexandre Balkanski -- filed suit in state court on Jan. 30. The men are among 125 people who bought a tax shelter, known as a contingent deferred swap, from Ernst & Young between 1999 and 2002. The men, three of whom had ties to Cisco Systems Inc., all purchased the tax shelter as a way to reduce exposure to taxes on a collective $51 million.
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