Global Accountants’ Liability Update – September 2020

On 21 August 2020, the court of Chancery of the State of Delaware granted a motion brought by three Defendant KPMG firms to dismiss a cause of action seeking to hold KPMG LLP (KPMG US) liable as the agent of KPMG Cardenas Dosal, S.C. (KPMG Mexico). While the opinion only dealt with a single claim brought by one of the plaintiffs in the action, Oceanografía S.A. de C.V. (OSA), the court rejected at least one plaintiff’s theory that the Defendants should be held liable under a “one global firm” theory of liability.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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