July 22, 2018

MF Global

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Judge Didn’t Buy PwC’s Story, Rejects Call for Mistrial

Judge Victor Marrero rejected PwC’s argument that MF Global’s attorneys were presenting a new theory of causation in their case, dealing the firm a setback in the trial. PwC claimed that the plaintiffs were conducting a “trial by ambush.” From Reuters: PwC said the administrator has in three years of litigation blamed the bankruptcy on […]

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MF Global Not Amused By PwC’s Threats for a Mistrial

Yesterday, PwC asked the judge in its court battle with MF Global to prohibit the use of a “new theory of causation” or to declare a mistrial. PwC filed the motion at midnight on Monday, so you can’t blame the plaintiffs if they felt caught off guard. Dan Fetterman, the lead attorney for the plaintiffs […]

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Is PwC on the Ropes in the MF Global Trial?

How are you, PwC? Week 2 in the trial between MF Global and PwC started off interestingly enough: PwC wants the judge to consider declaring a mistrial. The reason? The firm’s lawyers claim that the plaintiffs have “changed its theory of why the brokerage failed” calling it a “trial by ambush.” MF Global’s attorneys see […]

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It’s a Safe Bet That a Few People Knew That Saying “PwC Is a Bunch of Morons” Would Get Them Out of Jury Duty

This Associated Press report chronicles the first two days in the trial between the bankruptcy trustee of MF Global Holdings and PwC. The story is fine, a classic example of AP reporting, but two sentences make it truly remarkable (and thus worthy of our pages here): What was originally a highly technical case newsworthy mostly […]

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In MF Global Trial, PwC Hoping for Jurors Who’ve Been Under a Rock

Despite all the hubbub around the screw-up at the Academy Awards, PwC has to soldier on with its business. Unfortunately, right now that business includes defending itself against a massive lawsuit in a trial that starts on Monday. It’s hard to imagine a worse Monday than the day after #Envelopegate, but the firm’s face-off with […]

Judge Rules PwC Will Face MF Global Lawsuit Whether PwC Likes It Or Not

Last we checked in on the ongoing MF Global v PwC drama that is currently working its way through the U.S. District Court, Southern District New York, Judge Marrero took a long piss all over PwC's in pari delicto excuse. In his decision today, Judge Marrero held: “It is plausible to conclude that PwC’s accounting […]

PwC Defends Itself Against “Baseless” MF Global Suit Using MF Global’s Own Stupidity

PwC was recently dealt a blow when U.S. District Judge Victor Marrero stated: “[u]nder PwC’s reasoning, the in pari delicto doctrine would insulate an auditor from liability whenever a company pursues a failed investment strategy after receiving wrongful advice from an accountant. Such a broad reading of the doctrine would effectively put an end to […]

Judge Shoots Down PwC’s In Pari Delicto Excuse to Weasel Out of MF Global Suit

The part you need to know about District Judge Marrero's decision in MF Global v PwC yesterday: Judge Victor Marrero held: “[u]nder PwC’s reasoning, the in pari delicto doctrine would insulate an auditor from liability whenever a company pursues a failed investment strategy after receiving wrongful advice from an accountant. Such a broad reading of […]

PwC Sued for $1 Billion Over MFGlobal; Accused of ‘Erroneous’ Advice

Well it's a good thing we didn't check out early and head to the bar tonight, the ish just hit the proverbial fan for PwC: The administrator of MF Global Holdings Ltd's bankruptcy plan on Friday sued the auditor PricewaterhouseCoopers for at least $1 billion over its advice on a $6.3 billion European sovereign debt […]

PwC Is Having a Really Rough November Already

Yeah so first this happened: On Wednesday the FDIC, as receiver for the Colonial Bank of Montgomery, Alabama, sued PricewaterhouseCoopers and Crowe Horwath in federal court in Montgomery, claiming that they committed professional malpractice and breach of contract by failing to detect that two Colonial employees helped the notorious (and defunct) mortgage lender Taylor Bean […]