Firm Ducks Malpractice Suit Over $4.3M Appraisal Shortfall

Law360, New York (October 30, 2013, 2:26 PM EDT) -- A New York City trial judge dismissed in a ruling posted Tuesday a malpractice suit against Stern Keiser & Panken LLP after a plaintiff claimed the firm negligently hired an appraiser who undervalued her property by $4.3 million, which subjected a family gift to an unexpected tax liability after an IRS audit.

The October 2012 lawsuit was filed more than three years after the faulty $2.3 million appraisal was conducted in June 2009, after the statute of limitations had expired, according to Manhattan Judge Joan A....
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