New York Times:  Law Firm to Settle Suits Over Tax Advice:

Jenkens & Gilchrist, a Dallas law firm, has agreed to pay $81.6 million to settle lawsuits filed by clients who said the firm gave them poor tax advice.

The lawsuits were filed on behalf of more than 1,100 taxpayers in 41 states. They stem from a decision by the Internal Revenue Service to disallow tax shelters designed by the law firm.

For further coverage, see Sheryl Stratton, Jenkens Insurers Sweeten Shelter Settlement Pot, Doc. 2005-374, 2005 TNT 3-4:  "The landmark class-action settlement between a law firm and its shelter investor clients appears to have survived a large opt-out contingent, with insurers agreeing to pony up more money for both the class fund and to deal with the dissenters."  (Thanks to our sister blog, White Collar Crime Prof Blog, for the tip.)