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.
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.