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03-Nov-2020 11:25

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defaulted on the interest payment that was due on its public bond debt and subsequently filed for bankruptcy pursuant to Chapter 11 of the United States Bankruptcy Code, 11 U. He now brings this action against Deloitte Touche USA LLP and Deloitte Touche LLP (collectively, "Deloitte"), which served as public auditor and accountant to DVI in the decade leading up to the company's default and bankruptcy. ¶¶ 7, 20, 42.) However, these quotes must be viewed in their full context, in which Buckley alleges, for example, that the additional capital was raised as part of DVI's "Ponzi-schemed existence." ( ¶ 42.) Moreover, this Court cannot find that the insiders' motive was dual in light of Buckley's allegation that O'Hanlon, Garfinkel and Miller diverted millions of dollars from DVI "with the intent of supporting their friends and/or building a personal empire." ( insiders' actions. Subsequently, a plan for liquidation was confirmed by the bankruptcy court and plaintiff Dennis J. 2005) ("[T]he Creditors' Committee has satisfactorily pleaded the facts necessary to trigger the exception [to in pari delicto], and that will present an issue of fact, plainly inappropriate for determination under Rule 12(b)(6)."); , NO. According to Deloitte, however, Buckley has at most alleged that the insiders possessed a "dual motive" to benefit themselves as well as DVI. (See Stipulation dated May 7, 2007, ¶ 2.) Because plaintiff filed the lawsuit in New York, this Court must apply New York's choice of law rules to determine which state's substantive law governs.

Click here to visit The DI Wire directory sponsor page.Buckley's complaint alleges, inter alia, that Deloitte: was aware of and participated in the improper actions of certain DVI insiders, including its Chief Executive Officer and two Executive Vice Presidents; failed to scrutinize sufficiently the DVI insiders' allegedly improper accounting for related party transactions and other financial improprieties; improperly issued unqualified audit opinions on DVI's financial statements; participated in the DVI insiders' misrepresentations to the SEC and to DVI itself; and abruptly withdrew from its engagement with DVI prior to completing the auditing services it had contracted to perform. 12(b)(6) to dismiss the complaint asserting that because Buckley stands in the place of DVI, plaintiff's claims are barred by the doctrine of in pari delicto. For example, even if Buckley alleges in one portion of the complaint that the insiders helped DVI to raise capital, the Court cannot conclude that this benefited DVI if the complaint subsequently alleges that the insiders diverted DVI's capital to their friends and to themselves with the intent of self-dealing.