Case Study: Kirschner V. KPMG

Law360, New York (November 10, 2010, 4:20 PM EST) -- On Oct. 21 a divided New York Court of Appeals issued an important ruling in two consolidated appeals dismissing claims against accountants, investment banks and other professionals.[1]

In so doing, the court solidified a long-standing New York precedent holding that, except in narrow circumstances, fundamental principles of agency law and the equitable doctrine of in pari delicto (literally, “in equal fault”) will operate to bar claims brought by or on behalf of a corporation against its professionals for participating in, or for failing to detect and...
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