Bankrupt OSG: Law Firm's 'Malpractice' Cost It 'Hundreds Of Millions'

Bankrupt OSG: Law Firm's 'Malpractice' Cost It 'Hundreds Of Millions'

WILMINGTON, Del. - Bankrupt Overseas Shipholding Group Inc. (OSG) on Nov. 18 filed a legal malpractice adversary complaint in the U.S. Bankruptcy Court for the District of Delaware against the law firm that served as OSG's general outside counsel before bankruptcy, contending that it gave incorrect investment advice that cost the company "hundreds of millions" in tax payments (Overseas Shipholding Group Inc. v. Alan P. Parnes, et al. [In Re: Overseas Shipholding Group Inc.], No. 12-20000, Adv. No. 13-53492, Chapter 11, D. Del. Bkcy.).

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