PwC Must Face $1 Billion MF Global Malpractice Lawsuit: U.S. Judge

A federal judge rejected PricewaterhouseCoopers’bid to dismiss a $1 billion lawsuit accusing the accounting firm of professional malpractice for helping cause the October 2011 bankruptcy of MF Global Holdings Ltd, a brokerage once run by former New Jersey Governor Jon Corzine. In a 69-page decision made public on Friday, U.S. District Judge Victor Marrero in Manhattan said there remained open questions concerning whether PwC’s alleged bad accounting advice was a substantial cause of MF Global’s rapid demise. “PwC has not satisfied its burden of demonstrating the absence of any genuine issue of material fact,” Marrero wrote.