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By John Ashcroft Institute for Constitutional Studies

Law.com reports large malpractice suit against Bryan Cave partner Lawrence Brody for allegedly botching a Prenuptial agreement that cost the husband about $10million from extra taxes. Businessman sues St. Louis-based Bryan Cave over prenup (allbusiness.com) "Donald Bryant Jr. claims Lawrence Brody, an attorney with the firm, failed to take into account what effect capital gains taxes would have on his appreciated marital assets - specifically an extensive collection of modern art."
"Donald Bryant and Barbara Bryant divorced in 2007. The judge in the divorce proceeding refused to let Bryant deduct the capital gains taxes from the calculation of the fair market value of marital assets"
Bryant alleged that Bryan Cave was negligent because it failed to consider or recognize the capital gains tax issue and assumed that the divorce court would calculate the value of marital assets after the deduction of capital gains taxes. The Prenuptial was amended in 1989 when Bryant's assets were $48.4 million, and the tax issue was not addressed at this time as well, the petition said.

Full post as published by Showmeblawgs on September 11, 2009 (boomark / email).