Delaware Supreme Court Dismisses Claims Against PricewaterhouseCoopers

Teachers' Retirement System of Louisiana v. PricewaterhouseCoopers LLP, Del. Supr., No. 454, 2009 (Jan. 3, 2011), read Order here. The Delaware Supreme Court affirmed the decision of the Chancery Court to dismiss claims against PwC, based on the New York law regarding the somewhat arcane concept of in pari delicto, as recently clarified by New York's highest court, at the request of the Delaware Supreme Court. There is a substantial amount of background to this decision that was highlighted recently on this blog here, with links to the many prior related decisions. The claims related to the financial meltdown at AIG and PwC's role in that imbroglio as AIG's auditor. Francine McKenna, who has been following the long history of this case very closely, and has written at length about the policy ramifications from this case, has a post here that provides further details.

Read more Delaware business litigation case summaries and commentary on Delaware Corporate and Commercial Litigation Blog, a blog hosted by Francis G.X. Pileggi, of Fox Rothschild LLP.