2nd Circ. Nixes Bisys Shareholders' Bid To Sue PwC

Law360, New York (January 8, 2009, 12:00 AM EST) -- Shareholders who sued investment firm Bisys Group Inc. for securities fraud have failed yet again to implicate the company's independent auditors, PricewaterhouseCoopers LLP, with an appeals court Tuesday upholding the dismissal of the accounting firm from the action.

The U.S. Court of Appeals for the Second Circuit affirmed an August 2007 ruling by U.S. District Judge Jed Rakoff, who confirmed PwC's October 2005 dismissal from the suit and denied what he then called the plaintiffs' bid for a “second bite of the apple.”

The appellate court...
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