Last we checked in on the ongoing MF Global v PwC drama that is currently working its way through the U.S. District Court, Southern District New York, Judge Marrero took a long piss all over PwC's in pari delicto excuse.
In his decision today, Judge Marrero held: “It is plausible to conclude that PwC’s accounting advice was a substantial factor in how MF Global’s investments through RTM transactions harmed MF Global. It is also plausible to conclude that PwC should reasonably have foreseen how any improper accounting advice it provided . . . could harm MF Global. . . . [S]orting among the potential causes and determining which parties are liable is a task for a jury, not a judge deciding a motion to dismiss.”
It is clear where Judge Marrero stands on this, namely that PwC should face the music. What that music is, exactly, remains to be seen. Maybe a nice soothing indie track with glitchy vocals. Yeah, that.
MF Global v PwC 14-cv-02197-VM