NFL’s Kyle Orton sues Chicago law firm over investments
Claims big losses from partnerships that failed to provide anticipated tax benefits
Kyle Orton, the National Football League player, sued a Chicago law firm alleging he and other investors suffered millions of dollars of losses from partnerships that failed to provide anticipated tax benefits.
Orton, in a complaint filed yesterday in state court in Chicago, accuses Chuhak & Tecson PC of misrepresentation and negligence over advice on investments in oil and gas partnerships that were designed to grant tax credits. He and a co-plaintiff seek to represent other investors in a class-action lawsuit.
The firm didn’t warn Orton and other investors that there was a possibility they wouldn’t receive the anticipated tax credits because the partnerships, set up to sell biomass gas from landfills to generate electricity, didn’t meet the statutory requirements for the credits.
Andrew Tecson, president of Chuhak & Tecson, said in an e- mail that the firm doesn’t comment on pending litigation.
Orton, 29, has started the past two games for Kansas City after being claimed by the Chiefs off waivers on Nov. 23. The quarterback began the season with Denver, then was replaced by Tim Tebow as the Broncos’ starter.
–Bloomberg News–
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