From our private database of 35,600+ case briefs...
Kirschner v. KPMG LLP
New York Court of Appeals
15 N.Y.3d 446, 938 N.E.2d 941 912 N.Y.S.2d 508 (2010)
Refco insiders had been committing fraud. The insiders had not been stealing from the company. Instead, they had been selling their holdings in the company for fraudulently inflated prices. KPMG (defendant) served as an outside auditor for Refco, but KPMG did not detect the fraud. Refco eventually went bankrupt. Kirschner (plaintiff) was appointed as the bankruptcy trustee. Kirschner sued KPMG under a theory of professional malpractice and negligence for failing to detect fraud committed by Refco. KPMG raised the defense of in pari delicto, arguing that the insiders’ misconduct must be imputed to the company because the misconduct was not totally averse to the interests of Refco. The district court entered judgment for KPMG. Kirschner appealed.
Rule of Law
Holding and Reasoning (Read, J.)
Dissent (Ciparick, J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 619,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.Unlock this case briefRead our student testimonials
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students.Learn about our approachRead more about Quimbee
Here's why 619,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 35,600 briefs, keyed to 984 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.