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Suit Alleging Fraudulent Tax Shelters
In Rezner v. Bayerische Hypo-Und Vereinsbank AG, No. 09-16402, an action alleging that defendant engaged in a scheme to defraud the U.S. of tax revenue through fraudulent tax shelters that caused injury to purchasers of such shelters, the court reversed summary judgment for plaintiff where the district court erred in concluding that plaintiff had satisfied the proximate causation requirement for a civil RICO claim.
As the court wrote: "John C. Rezner filed this action against Bayerische Hypo-Und Vereinsbank AG d/b/a HVB Group and HVB Structured Finance, Inc. (collectively "HVB") for violation of the Racketeer Influenced and Corrupt Organizations Act of 1970 ("RICO"), codified at 18 U.S.C. §§ 1961 et seq., and the Unfair Business Practices Act of California ("UCL"), codified at Cal. Bus. & Prof.Code §§ 17200 et seq. Rezner alleges that HVB engaged in a scheme to defraud the United States of tax revenue through fraudulent tax shelters that caused injury to purchasers of such shelters."