The estate of billionaire and former Detroit Pistons owner Bill Davidson is suing an international company’s tax firm over a recommended plan lawyers claim led to an Internal Revenue Service bill that topped $2.7 billion.
According to the lawsuit filed Thursday in New York state’s Supreme Court, Deloitte Tax LLP created “a reckless and grossly negligent estate and tax plan” for Davidson, who died in 2009 at age 86.
Spurred by a “strong desire” to secure him as one of its “marquee clients,” the firm failed “to disclose the numerous material risks” involved as well as “created an Estate Plan replete with flawed structures and inherent defects,” the suit claims.