New York’s Morrison Cohen has settled a long-running legal malpractice suit brought by several entrepreneurs who claimed the firm allegedly bungled a complex transaction, costing them $45 million.
The plaintiffs, including restaurateur Jon Bloostein and several owners of the apparel company Blue Cast Denim Co., said in their 2012-filed suit that they struck deals in 2007 with the Japanese bank Nomura and a financial services company called Stonebridge Capital that were supposed to help them transfer their companies to an employee stock ownership plan, or ESOP, and reap the benefits of the sale, in the form of loans from Nomura, while avoiding capital gains taxes.
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