Proskauer Rose Sued For $140M Over Flawed Tax Advice

Law360, New York (August 1, 2011, 2:02 PM EDT) -- The grandson of a Johnson & Johnson Inc. co-founder sued Proskauer Rose LLP and two of the firm's partners in New York state court on Friday over allegedly defective transactions that were meant to reduce tax liabilities from selling J&J shares.

Plaintiffs in the suit are John Seward Johnson Jr., an artist and a grandson of J&J co-founder Robert Wood Johnson; the artist's wife, Joyce H. Johnson; and individual trusts set up by the couple. Proskauer Rose attorneys allegedly told them they could avoid a hefty...
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