November 7, 2010
Court of Appeals Cases from Last Week
United States First Circuit, 11/02/2010
In re Net-Valazquez, --- F.3d --- (1st Cir. 2010)
Creditor's garnishment of funds affirmed as preference: 1) because the creditor neglected to squarely raise its arguments before the bankruptcy court, it has waived them; and 2) the equities do not heavily preponderate in favor of allowing the new arguments.
Court of Appeals of New York, 11/04/2010
Kirschner v. KPMG LLP, No. 151
In a derivative action against accounting firms by the litigation trustee for allegedly aiding and abetting fraud, in response to questions certified by the Second Circuit, the court declined to alter its precedent relating to in pari delicto, and imputation and the adverse interest exception, as it would have to do to bring about the expansion of third-party liability sought by plaintiffs here.
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