Accounting Firm Settles Lawsuit Over Investments

HELENA, Mont. (AP) — A Montana accounting firm has reached settlements with six current and former farm and ranch owners who said they lost millions of dollars in real estate investments they say the firm advised them to make.

The lawsuits filed against Anderson ZurMuehlen sought more than $13 million in damages.

Investor attorney Lin Deola tells the Associated Press the settlement amounts are confidential. An officer for Anderson ZurMuehlen declined to comment.

Most of the investors used money from sales of long-held family operations and planned to use the investment income for their retirement. Investment in the commercial properties also offered significant tax breaks.

The deals went through Idaho-based DBSI Housing Inc., which filed for bankruptcy in 2008. DBSI was labeled a Ponzi scheme by a bankruptcy trustee.