Business Services Industry
Coverage strikeout for tax shelter loss spurs legal dispute.(News)
Business Insurance, October, 2005 by McLeod, Douglas
Byline: DOUGLAS McLEOD SAN DIEGO-A leading sports memorabilia company facing more than $50 million in tax liabilities from its use of an allegedly abusive KPMG L.L.P. tax shelter is suing a unit of American International Group Inc. to recover under a policy it says was designed to ensure the shelter's success.
The Upper Deck Co., a privately held maker of baseball trading cards and other sports collectibles, charges in a bad-faith lawsuit that American International Specialty Lines Insurance Co. has refused to pay any of its $50 million policy limit to settle government challenges to the KPMG shelter, known as SC2. The SC2 program was one of several allegedly abusive tax schemes outlined in a Senate report earlier this year on the marketing of shelters by...
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