Accountant Malpractice

A $5.1 million jury verdict was achieved for George Krikorian in Los Angeles Superior Court. Mr. Krikorian sold eight of his theaters to Regal Cinemas in 1996 for approximately $35 million. Mr. Krikorian retained the defendant accountants to assist in the creation and implementation of a tax plan that would structure the transaction to maximize Mr. Krikorian's deferral of taxable gain from the sale. The California Franchise Tax Board subsequently audited Mr. Krikorian and assessed him with tax liabilities and interest charges triggered by defendants' tax plan that were never disclosed to him by defendants. After a three week trial, the jury found defendants liable for malpractice and breach of fiduciary duty. [EMAIL LAW FIRM]

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