New York's highest court declines to expand liability of third-party professionals

On October 21, 2010, the New York Court of Appeals ruled on certified questions in two cases: Kirschner v. KPMG LLP ("Kirschner"), certified by the United States Court of Appeals for the Second Circuit, and Teachers' Retirement System of Louisiana v. PricewaterhouseCoopers LLP ("Teachers' Retirement"), certified by the Delaware Supreme Court, reiterating and strengthening the in pari delicto defense.

Filed under:
USA, New York, Insolvency & Restructuring, Litigation, Pillsbury Winthrop Shaw Pittman LLP, Bankruptcy, Fraud, Audit, Interest, Investment banking, Derivative suit, Brokerage firm, American International Group, KPMG, Trustee, Second Circuit, Delaware Supreme Court, New York Court of Appeals
Authors:
Edward Flanders , Richard L. Epling , Danielle Grinblat
Location:
USA
Firm:
Pillsbury Winthrop Shaw Pittman LLP