An insurance executive who failed to report capital gains on the sale of $65 million of his company’s stock can’t proceed with federal racketeering claims against Seyfarth Shaw LLP and two financial services firms that allegedly advised him on the creation of a failed tax shelter, the Seventh Circuit ruled.
Steven Menzies didn’t show a pattern of racketeering that would allow his claims to proceed under the Racketeer Influenced and Corrupt Organizations Act, the U.S. Court of Appeals for the Seventh Circuit said Nov. 12.
The RICO claims fail because Menzies didn’t plead the particulars of how the defendants marketed ...
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