MF Global-PwC Fight Could Set Troublesome Precedent

Law360, New York (March 10, 2017, 1:38 PM EST) -- Sometimes, a case comes along appearing to be on the side of right and vindication although in reality, it is a wolf in sheep's clothing. In the corporate boardroom world, one of the most glaring examples was the U.S. Department of Justice's gross overreach to extend the concept of honest services fraud to corporate executives doing their jobs. The U.S. Supreme Court cut off prosecutors' hands with its stinging rejection of the hyperextended legal theory in the Jeffrey Skilling (Enron) and Conrad Black (Hollinger) cases. One such civil trial underway similarly has all the trappings of bad law, untenable precedent and disruption of professional standards. The auditors do their jobs correctly, get the audit right and still get sued. That case is MF Global's final flailing shot directed at its former audit firm, PricewaterhouseCoopers (PwC)....

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