In Practice - Moore Stephens slammed by High Court

Moore Stephens faces a damages bill of more than 190,000 after a high court ruling that it gave negligent tax advice. Citibank employee Michael Slattery engaged the mid-tier firm after he came to work in the UK in November 1995 as its head of equity and emerging markets derivatives.

Slattery claimed tax advice given to him by the firm was negligent. Deputy judge Robert Englehart QC has agreed and awarded damages against the firm in a case which centred on the possibility of payments to Slattery being made into overseas accounts.

The judge held that advice given in respect of three tax years starting with 1995/96, was negligent. However, he held that in the first year, however, Slattery suffered no loss and that he should also take a cut of 50% of the final award in respect of another year as he had been partly to blame for failing to raise with the firm matters which the judge considered should have alerted him.

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