NEW YORK, Jan 17 (Reuters) - A prominent trademark and copyright boutique has sued PricewaterhouseCoopers over accounting advice it claims cost the law firm at least $250,000 in losses.
In a suit filed in State Supreme Court in Manhattan, Fross Zelnick Lehrman & Zissu, which counsels clients such as Pizza Hut, Chanel, Ernst & Young and Starwood Hotels & Resorts, says that it hired PricewaterhouseCoopers in 2009 to help the firm end its pension plan and covert it into cash equivalents. The firm claims that the advice PwC provided was not based on terminating the plan but on keeping it funded, which resulted in big tax liabilities to Fross Zelnick when it ended the plan.
The accounting giant's gross negligence resulted in about $250,000 in actual damages plus punitive and consequential damages, the suit says.
The law firm also says that PwC is liable for unjust enrichment and malpractice.
Fross Zelnick declined to comment on the matter.
PwC also declined to comment.
The case is Fross Zelnick v. PricewaterhouseCoopers, No. 650117/2012, Supreme Court of the State of New York.
For Fross Zelnick: Stephen Wagner, Cohen Tauber Spievack & Wagner, New York.
For PricewaterhouseCoopers: Not immediately available.
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(Reporting by Leigh Jones)
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