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Dispute Resolution Keyed to Carbonneau, 8th Ed.
Arthur Andersen LLP v. Carlisle
Citation:
556 U.S. 624, 129 S. Ct. 1896, 173 L. Ed. 2D 832 (2009)Facts
Respondents Wayne Carlisle, James Bushman, and Gary Strassel sold their construction-equipment company in 1999 and sought to minimize their tax liability. Arthur Andersen LLP, their longtime accountant, introduced them to Bricolage Capital, LLC, which referred them to the law firm Curtis, Mallet-Prevost, Colt & Mosle, LLP. These advisers recommended a “leveraged option strategy” tax shelter. As part of this scheme, respondents invested in stock warrants through newly created LLCs, which entered into investment-management agreements with Bricolage containing arbitration clauses. The tax shelter was later determined by the IRS to be illegal, and the investments became nearly worthless. Respondents sued the advisers (petitioners) for fraud, civil conspiracy, malpractice, breach of fiduciary duty, and negligence. Petitioners, though not signatories to the arbitration agreements, moved to stay the action under §3 of the FAA, arguing that principles of equitable estoppel required respondents to arbitrate their claims.
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