Judge Drops Case Against PwC In Bisys Fraud Action

Law360, New York (August 6, 2007, 12:00 AM EDT) -- A judge has upheld the dismissal of securities fraud claims against auditors PricewaterhouseCoopers LLP by shareholders of investment firm Bisys Group Inc., denying the plaintiffs' bid for what he called a “second bite of the apple.”

Manhattan federal court judge Jed Rakoff ruled the shareholders, who this year reached a $65 million class action settlement with Bisys, could not reinstate claims against former co-defendant PwC 18 months after the firm was struck from the case with prejudice.

“Having precipitously tried to pluck the fruit from the...
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