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AFFCO INVESTMENTS 2001 v. PROSKAUER ROSE, L.L.P.

No. 09-20734.

625 F.3d 185 (2010)

AFFCO INVESTMENTS 2001, L.L.C.; Affco, L.L.C.; Kenneth Keeling; Lewis W. Powers; John H. Powers; Albert Gunther, III; Shannon Ellis; Heidi Gunther; Eric Linquest; Gretchen Linquest; La Git 88 Trust; Powers Children Inter Vivos Trust; Martha Gunther, Plaintiffs-Appellants, v. PROSKAUER ROSE, L.L.P., Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

October 27, 2010.

Attorney(s) appearing for the Case

Richard C. Stanley , William Raley Alford, III (argued), Stanley, Reuter, Ross, Thornton & Alford, L.L.C., New Orleans, LA, for Plaintiffs-Appellants.

David Michael Gunn (argued), David J. Beck , Chad Flores , keith A. Jones , Russell Stanley Post , Michael Ernest Richardson , Beck, Redden & Secrest, L.L.P., Houston, TX, for Defendant-Appellee.

Before KING, HIGGINBOTHAM and GARZA, Circuit Judges.

KING, Circuit Judge:

Plaintiffs-Appellants invested in a complex tax avoidance scheme that was later investigated and disallowed by the IRS. In the aftermath of the back taxes, interest, and penalties that ensued, Plaintiffs sued Defendant-Appellee Proskauer Rose, L.L.P. and sixteen other defendants, asserting claims under the Racketeering Influenced and Corrupt Organizations Act, the Securities Exchange Act of 1934, and Texas state law. The district court dismissed...

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