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Overseas Shipholding Group reaches settlement in malpractice case

US-based Overseas Shipholding Group (OSG) announced on Monday it has reached a settlement with law firm Proskauer Rose over alleged poor legal advice that OSG said exposed it to a tax liability exceeding a quarter of a billion dollars.

Proskauer Rose, in return, had asserted claims against some individual officers of OSG.

OSG, which primarily moves crude oil and petroleum products worldwide, had sued Proskauer for $450m.

Details of the settlement have not been released.

Both firms are headquartered in New York City.

In August 2014 OSG emerged from Chapter 11 bankruptcy after undergoing a financial restructuring.

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Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.
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