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Third Circuit upholds liability of PricewaterhouseCoopers in Ambassador insolvency

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • October 7 2008

The United States Court of Appeals for the Third Circuit recently upheld a $182.9 million judgment against PricewaterhouseCoopers, LLP (“PWC”) for allegedly contributing to the failure of Ambassador Insurance Company (“Ambassador”) through negligent auditing

Professional liability policy proceeds not property of bankruptcy estates

  • Wiley Rein LLP
  • -
  • USA
  • -
  • June 23 2011

The United States Bankruptcy Court for the District of Nevada has held that proceeds from a professional liability policy were not property of the insured-debtors' bankruptcy estate because the proceeds were payable only for the benefit of third party claimants and could not be accessed by the debtors directly

Thabault v. Chait: completing the Third Circuit's deepening insolvency trilogy

  • Jones Day
  • -
  • USA
  • -
  • March 6 2009

When the United States Court of Appeals for the Third Circuit decided Thabault v. Chait, 541 F.3d 512 (3d Cir. 2008), in September 2008, it was the most significant accounting malpractice decision of last year and perhaps the most significant damages case in the last 20 years