Texas High Court Nixes $12M Akin Gump Malpractice Suit

By Jess Krochtengel (March 31, 2017, 5:18 PM EDT) -- The Texas Supreme Court on Friday denied a real estate developer's request to resuscitate its $12 million claim that Akin Gump Strauss Hauer & Feld LLP and accounting firm Grant Thornton LLP had steered it wrong while defending a tax audit.

Developer J.A. Green Development Corp. claims its lawyers and accountants for a tax audit wrongly advised it to reject settlement terms offered by an Internal Revenue Service examiner who determined a tax shelter strategy crafted by previous advisers to the company was illegal. A trial court dismissed the case on summary judgment, which an appellate court affirmed in June, holding...

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