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OLSON v. JENKENS & GILCHRIST

No. 05 C 4216.

461 F.Supp.2d 710 (2006)

Terry OLSON, Denny L. Robinson, and Albert Simon, Plaintiffs, v. JENKENS & GILCHRIST, a Texas, Professional Corporation; Jenkens & Gilchrist, an Illinois Professional Corporation; Paul M. Daugerdas and Spouse; Donna Guerin and Spouse; Erwin Mayer and Spouse; Deutsche Bank Ag; Deutsche Bank Securities, Inc. d/b/a Deutsche Bank Alex Brown, a Division of Deutsche Bank Securities, Inc.; Timmis & Inman LLP; George M. Malls; Henry J. Brennan, III; Ernst & Young LLP; Sam G. Torolopoulos, CPA; Carolyn Torolopoulos; and Unknown John Doe Defendants 1-20, Defendants.

United States District Court, N.D. Illinois, Eastern Division.

November 17, 2006.

Attorney(s) appearing for the Case

Patrick J. O'Brien, Domenic J. Lupo, O'Brien & O'Brien, P.C., Rockville, MD, for Plaintiffs.

Charles Britton Lewis, Jenkens & Gilchrist, Jerrold E. Salzman, Joseph Paul Adamczyk, Richard P. Campbell, Freeman, Freeman & Salzman, P.C., Kimberly Elizabeth Rients, Michael P. Tone, Peter D. Lindau, Ross, Dixon & Bell, L.L.P., Daniel J. Delaney, Stanley J. Parzen, Mayer, Brown, Rowe & Maw LLP, John T. Groark, Clausen Miller P.C., Chicago, IL, Mary L. Scott, Baker Botts Llp, Dallas, TX, Seith C. Faber, Benjamin Sokoly, Kathryn Leone, Dewey Ballantine LLP, New York, NY, David E. Kendall, Emmet T. Flood, Michael T. Morley, Williams & Connolly, Washington, DC, for Defendants.

MEMORANDUM OPINION AND ORDER

CASTILLO, District Judge.

In the fall of 2000, Plaintiffs Terry Olson, Denny L. Robinson, and Albert Simon sought the counsel of various lawyers, accountants, and bankers in selling their respective companies and minimizing their tax liability. The Internal Revenue Service ("IRS"), however, ultimately found the tax strategy recommended to and used by Plaintiffs to be illegal, and Plaintiffs ended up losing hundreds of...

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