According to reports in the legal media, several US law firms are currently embroiled in a spat over the representation of plaintiffs in an ongoing tax shelter class action.
Legal Week revealed that leading plaintiff firm, Milberg Weiss Bershad & Schulman has been accused by rival firms Bernstein Litowitz Berger & Grossmann and Patton Roberts McWilliams & Capshaw of trying to edge them out of the so-called 'cookie cutter' tax shelter case.
According to an emergency motion filed last month in the Western District of Arkansas, KPMG, one of the defendants in the case, is attempting to make a deal with the legal team expected to agree the most favourable settlement, a process otherwise known as a 'reverse auction'.
The motion reportedly suggests that:
"By dealing with friendly lawyers who have assumed no duty to achieve the maximum possible recovery for the class, KMPG could minimise its exposure and quietly sweep away these problems."
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