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Accountants' Liability

Mayer Brown is one of the leading providers of litigation and other legal services to large accounting firms and individuals.

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With highly skilled and experienced lawyers in the US, Europe and Asia we are able to provide comprehensive assistance in all legal matters that confront the accounting industry. Our global reach provides us with the resources necessary to respond efficiently and quickly to any issue, contentious or otherwise, faced by our accounting clients.

Class Action Securities Fraud

Our firm has a long track record of successfully defending accounting firms against class action securities fraud claims. We have had significant success obtaining dismissals of these actions before merits discovery. We are well known for our success in defeating class certifications but where dismissal or defeat of class certification is not available, our lawyers are prepared to take class action securities fraud cases through trial and appeal.

Accounting Malpractice

Mayer Brown has successfully represented accounting firms in connection with a wide variety of claims brought by clients and client successors, including trustees and liquidators, relating to alleged faulty audit work. We have experience handling a wide range of issues, including: the auditor’s obligation with respect to alleged internal controls at an audit client; whether the knowledge and actions of the client’s officers, directors and shareholders should be attributed to the client; deepening insolvency theory as an appropriate theory or measure of damages; accounting for subprime loans and securitizations; and whether the actions of the accountant had any causal relationship to the damages sought in the case.

Litigation Related to Failed Banks

The team also has substantial experience counseling and, when necessary, representing accounting firms in any litigation or regulatory proceedings resulting from the failure of a bank or restatement of its financial statements. Our experience includes advising and representing these firms regarding such claims as: (i) successor claims by the FDIC as receiver, (ii) claims by the FDIC in its corporate capacity as insurer, (iii) third-party claims, (iv) contribution and indemnification claims from officers and directors who are sued and (v) regulatory sanctions.

Government Investigations

We have also successfully represented leading accounting firms and individual accountants under informal and formal investigation by the SEC and PCAOB, as well as in connection with proceedings by the FDIC and other bank regulators. In addition, we regularly advise accounting firms on inquiries made by the SEC and PCAOB on risk and quality issues.

Mayer Brown also has extensive experience representing individuals and accounting firms in State Board of Accountancy proceedings. Mayer Brown regularly advises accounting firms on issues related to the naming and licensing of accounting firms, including compliance with regulations related to advertising and marketing of the firm.

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