GASLOW v. QA INVS. LLC


36 A.D.3d 286 (2006)

825 N.Y.S.2d 187

LAWRENCE L. GASLOW, Respondent, v. QA INVESTMENTS LLC, Appellant, et al., Defendants.

Appellate Division of the Supreme Court of the State of New York, First Department.

November 16, 2006.


Attorney(s) appearing for the Case

Steptoe & Johnson LLP, Washington, DC (Charles G. Cole, of the District of Columbia bar, admitted pro hac vice, James B. Moorhead and Catherine Ševčenko of counsel), and Trachtenberg Rodes & Friedberg LLP, New York City (David G. Trachtenberg of counsel), for appellant.

Venable LLP, Washington, DC (Damon W.D. Wright, of the District of Columbia Bar, admitted pro hac vice, and Campbell Killefer of counsel), and Venable LLP, New York City (Brian D. Maddox and Gregory W. Gilliam of counsel), for respondent.

TOM, J.P., FRIEDMAN, MARLOW and GONZALEZ, JJ., concur.


OPINION OF THE COURT

ANDRIAS, J.

The issue presented is whether the illegality of a complicated tax shelter strategy in which plaintiff invested was "inherently unknowable" to him under Delaware law, thus tolling the commencement of the applicable three-year statute of limitations?

As pertinent to this appeal, plaintiff's cause of action for breach of contract arises from his participation in a tax shelter scheme called the Offshore Portfolio Investment...

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