Michael Best & Friedrich, a partner in Chicago, and a former lawyer in that office face a legal malpractice lawsuit filed by a startup company and its two founders that alleges the defendants mishandled a restructuring, which jeopardizes the founders’ ability to secure a tax benefit when they sell their interests in the future.
In the complaint filed on Friday in the Circuit Court of Cook County, Illinois, Albiware Holdings and founders Alexandru Duta and Shamoil Soni seek at least $50,000 in damages for fee disgorgement and costs and other unspecified damages. The unspecified damages include the loss of the tax benefit of an “F Reorganization.”