Biz Owners Sue Morrison Cohen Over $45M In Taxes, Costs

Law360, New York (April 17, 2012, 7:39 PM EDT) -- A group of business owners sued law firm Morrison Cohen LLP in New York state court Tuesday alleging they lost $45 million to capital gains taxes and other unnecessary costs due to the firm's malpractice in reviewing contracts tied to employee stock ownership plans.

The business owners say they sold shares in their “small to mid-sized” companies to employees through the plans and intended to defer capital gains tax by reinvesting the proceeds in corporate bonds through transactions advised by Morrison Cohen and firm partner Brian...
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