Searching Content indexed under Litigation, Mediation & Arbitration by Stanley Parzen ordered by Published Date Descending.
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Accountants, Not Clients, Hold Privilege Governing Confidentiality Of Records Under Illinois Public Accounting Act
The underlying dispute in Brunton concerned a will contest between two adult children challenging the validity of their deceased parents’ will.
United States
7 Apr 2015
United States District Court Holds That Section 11 Claims Attacking Other Than Temporary Impairment Balances Require Pleading Objective And Subjective Falsity
Plaintiffs in MHC Mutual allegedly purchased securities issued by United Western Bancorp, Inc. in a public offering held September 17, 2009.
United States
3 Jan 2013
The Second Circuit Holds That Section 11 Claims Based On Opinions Require Pleading Subjective Falsity
On August 23, 2011, the U.S. Court of Appeals for the Second Circuit affirmed a lower court’s dismissal of a claim under Section 11 of the Securities Act of 1933 brought on behalf of purchasers in a public offering, holding that plaintiffs failed to plead that the alleged misstatements were subjectively false.
United States
31 Aug 2011
No Showing of Loss or Materiality Needed at Class Certification Stage According to United States Court of Appeals for the Seventh Circuit
The United States Court of Appeals for the Seventh Circuit has issued an opinion that relieves plaintiffs in securities litigation from making any showing of loss or materiality at the class certification stage.
United States
2 Sep 2010
Potential Actions Against an Auditor When a Bank Fails
The US Federal Deposit Insurance Corporation (FDIC) estimates that by the end of 2010, more than 300 banks will have failed, and that the cost of resolving these failures may reach $100 billion over the next four years.
United States
29 Jul 2010
Fraud and Forbearance: State Courts Divided on Whether to Recognize Claims by Securities Holders
Two recent state appellate court cases demonstrate the division in the law regarding whether holders of securities can maintain a cause of action related to alleged fraud and negligent misrepresentation.
United States
25 Jun 2010
Subjective Falsity Required For Section 11 and 12 Claims Based On Goodwill and Loan Loss Reserve Valuations
On May 10, 2010, the US District Court for the Southern District of New York held that accounting statements of goodwill and loan loss reserves are statements of opinion, and that they create liability under Sections 11 and 12 of the Securities Act only when a defendant did not actually hold the challenged opinion at the time it was made.
United States
14 May 2010
Claims Against Accounting Firms – Implications of Merck & Co. v. Reynolds
On April 27, 2010, the US Supreme Court issued a decision that effectively tolled the statute of limitations applicable to securities fraud litigation until plaintiffs discover or reasonably should have discovered sufficient evidence of scienter to plead a fraud claim in conformity with the Private Securities Litigation Reform Act (PSLRA), i.e., fraudulent intent.
United States
7 May 2010
Parties that Settle with the US SEC May Face Greater Collateral Legal Risk
Two recent developments suggest an increased collateral legal risk for persons and entities that enter into settlements with the US Securities and Exchange Commission (SEC).
United States
22 Apr 2010
Illinois Appellate Court Resolves Issue of When Limitations Period for Accounting Malpractice Claim in a Tax Liability Case Begins to Run
The Illinois Appellate Court for the First District has held that the statute of limitations in an accounting malpractice case resulting in increased tax liability begins to run either when the taxpayer receives the statutory deficiency notice pursuant to Internal Revenue Code section 6212 or when the taxpayer agrees with the IRS’s proposed deficiency assessments, not when the taxpayer has reason to believe there is a controversy relating to the return.
United States
22 Apr 2010
Jury Finds BDO International Not Liable For Judgment Against BDO Seidman LLP
BDO International, B.V. (BDO International) was ruled not liable for a $170 million compensatory damages award against its US Member Firm, BDO Seidman LLP.
United States
23 Sep 2009
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