Comments on: Will Auditors Ever Answer To Investors For Aiding And Abetting?

By: re: The Auditors » Blog Archive » New York Court of Appeals Stands By Corporate Man: In Pari Delicto Prevails

Mon, 25 Apr 2011 22:00:18 +0000

[...] diluted.Civil penalties against audit firms as a whole will be severely rationed. The private right of action against audit firms will be constrained by the PSLRA, the Stoneridge decision, obdurate judges, [...]

By: Auditors Abandon Investors On Liability Limits - Francine McKenna - Accounting Watchdog - Forbes

Thu, 10 Mar 2011 00:18:22 +0000

[...] acts to the corporation, therefore precluding the corporation from suing a third party for aiding and abetting the fraud, means a New York audit is basically worthless if corporate officers are guilty. The [...]

By: Forget Everyone Else: Why Aren’t Auditors Answering For Financial Crisis? - Francine McKenna - Accounting Watchdog - Forbes

Tue, 25 Jan 2011 21:10:15 +0000

[...] law so it’s clear to judges, to restore the right to allege in private claims that third-parties “aided and abetted” frauds, were left out of the Dodd-Frank [...]

By: Is Any Other Audit Firm Vulnerable Besides Ernst & Young? - Francine McKenna - Accounting Watchdog - Forbes

Thu, 23 Dec 2010 18:06:28 +0000

[...] courts and the laws support this immunity, for the most part. The regulators have been active but fairly impotent to change auditors’ [...]

By: re: The Auditors » Blog Archive » The Case Against Ernst & Young: NY AG Cuomo Sues EY Over Lehman

Wed, 22 Dec 2010 13:07:52 +0000

[...] the Martin Act is the law used by Cuomo to bypass all the other constraints mere mortals have in suing the Big 4 audit firms. It’s quite a powerful tool, as Eliot Spitzer showed us. [...]

By: re: The Auditors » Blog Archive » Systemic Risk! Dominance! Momentum! Auditors In Crisis. Again.

Sun, 24 Oct 2010 05:25:54 +0000

[...] diluted. Civil penalties against audit firms as a whole will be severely rationed. The private right of action against audit firms will be constrained by the PSLRA, the Stoneridge decision, obdurate judges, and [...]

By: re: The Auditors » Blog Archive » Top Ten Things Lawyers Should Know About Auditors

Thu, 16 Sep 2010 09:07:45 +0000

[...] for accounting rules that benefit their clients and laws that limit their accountability (read, “PSLRA” and the “Stoneridge” decision, (c) they use accounting rules (read, “special purpose entities,” [...]

By: re: The Auditors » Blog Archive » Seeking An Equitable Outcome: NY State Court of Appeals To Hear In Pari Delicto Cases Re: Auditors

Mon, 13 Sep 2010 21:17:02 +0000

[...] we know, the case could not be brought under federal securities laws since the PSLRA bars private actions for aiding and abetting a fraud and, Grant emphasized to me, “Congress has not yet seen fit to amend this law to give private [...]