Overseas Shipholding Group yesterday sued its one-time law firm, Proskauer Rose LLP, for bad legal advice that forced the company to restate more than a decade's worth of financial results and ultimately file for bankruptcy protection, Dow Jones Daily Bankruptcy Review reported today. The company, one of the world's largest publicly traded shippers, filed a legal malpractice lawsuit against its former outside law firm in connection with advice the firm gave the company regarding its international tax liabilities. According to the suit, Overseas Shipholding Group relied on Proskauer's "faulty advice" to borrow hundreds of millions of dollars without incurring U.S. tax liabilities.
