2nd Circuit Calls for State Court Assist in Refco Trustee Suit Against Mayer Brown and Auditors
January 5th, 2010
The 2nd Circuit has asked the New York Court of Appeals to clarify what it called “considerable uncertainty” about an exception to the state law codifying in pari delicto — the legal principle that you can’t blame someone else for wrongdoing if you’re equally at fault. Depending on what the state high court does with the 2nd Circuit’s referral, the trustee of the Refco Litigation Trust may be able to proceed with a case against Mayer Brown, Grant Thornton, KPMG, PricewaterhouseCoopers and several banks.
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2nd Circuit Calls for State Court Assist in Refco Trustee Suit Against Mayer Brown and Auditors