MARC S. KIRSCHNER, as Trustee of the REFCO LITIGATION TRUST, Appellant,
v.
KPMG LLP et al., Respondents, et al., Defendants.
TEACHERS' RETIREMENT SYSTEM OF LOUISIANA et al., Derivatively on Behalf of Nominal Defendant AMERICAN INTERNATIONAL GROUP, INC., Appellants,
v.
PRICEWATERHOUSECOOPERS LLP, Respondent.
Court of Appeals of New York.https://leagle.com/images/logo.png
Paduano & Weintraub LLP, New York City ( Leonard Weintraub and Kathryn L. Bedke of counsel), for Anthony Paduano, amicus curiae in the first above-entitled action.
Goldberg Segalla LLP, Albany ( Matthew S. Lerner of counsel), for DRI—The Voice of the Defense Bar, amicus curiae in the first above-entitled action.
Pachulski Stang Ziehl & Jones LLP, New York City ( Dean A. Ziehl , Harry D. Hochman and Maria A. Bove of counsel), for National Association of Bankruptcy Trustees, amicus curiae in the first above-entitled action.
King & Spalding LLP ( Paul D. Clement , of the District of Columbia bar, admitted pro hac vice, of counsel), Cravath, Swaine & Moore LLP, New York City ( Thomas G. Rafferty , Antony L. Ryan and Samira Shah of counsel), and Connolly Bove Lodge & Hutz LLP, Wilmington, Delaware ( Henry E. Gallagher, Jr. , of counsel), for respondent in the second above-entitled action.
Willkie Farr & Gallagher LLP, New York City ( Kelly M. Hnatt and Derek M. Schoenmann of counsel), Richard I. Miller , General Counsel, American Institute of Certified Public Accountants, and Bradley M. Pryba for American Institute of Certified Public Accountants and another, amici curiae in the first and second above-entitled actions.
Judges GRAFFEO, SMITH and JONES concur with Judge READ; Judge CIPARICK dissents in a separate opinion in which Chief Judge LIPPMAN and Judge PIGOTT concur.
Court of Appeals of New York.
OPINION OF THE COURT
READ, J.
In these two appeals, plaintiffs ask us, in effect, to reinterpret New York law so as to broaden the remedies available to creditors or shareholders of a corporation whose management engaged in financial fraud that was allegedly either assisted or not detected at all or soon enough by the corporation's outside professional advisers, such as auditors, investment bankers, financial...
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