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Mayer Brown | USA | 26 Jul 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.


Mayer Brown | USA | 30 Apr 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.


Mayer Brown | USA | 20 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.


Mayer Brown | USA | 12 Mar 2010

Illinois Appellate Court holds uninsured bank depositors cannot bring claims against auditors and directors of a failed bank

The Illinois Appellate Court has held that former depositors in Superior Bank FSB, who lost money on deposits exceeding the $100,000 FDIC-insured limit when Superior failed, could not bring claims against Superior's officers and directors, or against auditor Ernst & Young LLP.

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