RCT Wins First Department Appeal Against Marcum
On January 28, 2016, the Appellate Division, First Department, ruled in favor of RCT’s clients, the Joint Official Liquidators of the AJW Offshore Funds. The JOLs sued Marcum for $25 million in connection with Marcum’s role as the funds’ auditor. The First Department held that Marcum could not rule out the application of the “adverse interest” exception to the defense of in pari delicto, and that the AJW Offshore Funds had successfully pleaded that their claims were timely.
Prior results do not guarantee a similar outcome.