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Proskauer Called ‘Conflicted’ In Sale Leaving $15M Tax Bill

Law360 (June 18, 2018, 7:47 PM EDT) -- Proskauer Rose LLP was “hopelessly conflicted” when it advised a holding company in a sale to The Diversified Group Inc. nearly two decades ago that left trustees with a $15 million tax bill, the company said in a recent suit filed in New Jersey.

Trustees and shareholders of a successor to a historic Brooklyn department store chain said when it was approached in 2000 by a potential buyer, it relied on former Proskauer tax department head Ira Akselrad and others at the firm for advice on...
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