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KHAN v. BDO SEIDMAN, LLP

Nos. 4-10-0504, 4-10-0583.

948 N.E.2d 132 (2011)

408 Ill. App.3d 564

Shahid R. KHAN; Ann C. Khan; SRK Wilshire Investments, LLC; SRK Wilshire Partners; SRK Wilshire Investors, Inc.; Thermosphere FX Partners, LLC; and KPASA, LLC, Plaintiff-Appellants, v. BDO SEIDMAN, LLP; Paul Shanbrom; Michael Collins; Equilibrium Currency Trading, LLC; Samyak Veera; Grant Thornton, LLP; Gramercy Advisors, LLC; Jay A. Johnston; and Marc Helie, Defendants, and Deutsche Bank AG; Deutsche Bank Securities, Inc., d/b/a Deutsche Bank Alex. Brown; and David Parse, Defendants-Appellees. Shahid R. Khan; Ann C. Khan; SRK Wilshire Investments, LLC; SRK Wilshire Partners; SRK Wilshire Investors, Inc.; Thermosphere FX Partners, LLC; and Kpasa, LLC, Plaintiffs-Appellants, v. BDO Seidman, LLP; Paul Shanbrom; Michael Collins; Deutsche Bank AG; Deutsche Bank Securities, Inc., d/b/a Deutsche Bank Alex. Brown; David Parse; Equilibrium Currency Trading, LLC; Jay A. Johnston; and Marc Helie, Defendants, and Grant Thornton, LLP, Defendant-Appellee.

Appellate Court of Illinois, Fourth District.

March 16, 2011.

Attorney(s) appearing for the Case

David R. Deary (argued), Carol E. Farquhar , Jeven R. Sloan , Loewinsohn Flegle Deary, LLP, Dallas, James D. Green , Thomas, Mamer & Haughey, LLP, Champaign, Dylan Snapp , Loewinsohn Flegle Deary, LLP, Dallas, for Shahid R. Khan.

Michael R. Wanser , Dewey & Leboeuf LLP, Chicago, Allan N. Taffet , Kirk L. Brett (argued), Duval & Stachenfeld LLP, New York, NY, for Deutsche Bank AG.

Andrew W. B. Bequette , Beckett & Webber, P.C., Urbana, Theresa Trzaskoma (argued), Adam Hollander , Brune & Richard LLP, New York, NY, for David Parse.

Thomas F. Falkenberg , Benjamin M. Whipple , Williams Montgomery & John Ltd., Chicago, Kay Nord Hunt (argued), Lommen, Abdo, Cole, King & Stageberg, P.A., Minneapolis, MN, for Grant Thornton, LLP.

OPINION

Justice APPLETON delivered the judgment of the court, with opinion.

In these two consolidated appeals, the plaintiffs are Shahid R. Khan (Khan) and Ann C. Khan along with various business entities that Khan formed for the purpose of creating artificial losses, which he hoped would reduce his taxable income. Khan was not the one who came up with the tax-avoidance schemes. Rather, according to the complaint, he followed the advice of Paul Shanbrom...

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