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.
