KHAN v. DEUTSCHE BANK AG

Nos. 112219, 112221, 112223.

978 N.E.2d 1020 (2012)

2012 IL 112219

365 Ill. Dec. 517

Shahid R. KHAN et al., Appellees, v. DEUTSCHE BANK AG et al., Appellants.

Supreme Court of Illinois.

October 18, 2012.


Attorney(s) appearing for the Case

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

Joel D. Bertocchi and JOshua G. Vincent , Hinshaw & Culbertson, LLP, Chicago, and Theresa Trzaskoma and Adam Hollander , New York, New York, and Christopher Wimmer , San Francisco, California, Brune & Richard, LLP, for appellant David Parse.

J. Timothy Eaton and Jonathan B. Amarilio , Shefsky & Froelich Ltd., Chicago, and Allan N. Taffet , Kirk L. Brett and Keith Blackman , Duval & Stachenfeld LLP, New York, New York, for appellants Deutsche Bank AG and Deutsche Bank Securities, Inc.

James D. Green , Thomas, Mamer & Haughey, LLP, Champaign, David R. Deary , J. Dylan Snapp and Carol E. Farquhar , Loewinsohn Flegle Deary, LLP, Dallas, Texas, and David C. Frederick , Brendan J. Crimmins and Emily T.P. Rosen , Kellogg, Huber, Hansen, Todd, Evans & Figel, P.L.L.C., Washington, D.C., for appellees.


OPINION

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

¶ 1 On July 6, 2009, plaintiffs Shahid R. Khan, his wife, Ann C. Khan, and various of their business entities filed a multicount complaint in the circuit court of Champaign County against defendants for losses incurred in connection with a series of investment strategies entered into in 1999 and 2000, a primary purpose of which was to create artificial tax losses for plaintiffs...

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