Proskauer Sued For Malpractice Over OSG's Tax Bill

Law360, Wilmington (November 18, 2013, 4:44 PM EST) -- Bankrupt Overseas Shipholding Group Inc. filed an adversary complaint Monday accusing former counsel Proskauer Rose LLP of malpractice for allegedly giving the oil tanker company faulty advice it claims saddled it with hundreds of millions of dollars of “completely avoidable” tax liability.

In the complaint filed in Delaware bankruptcy court, OSG also claims that on Proskauer’s advice, the tanker company’s management didn’t disclose the potential tax issues in U.S. Securities and Exchange Commission filings or to the board of directors or auditors, and was deprived of...
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