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AICPA hails court decision in Standard Chartered v. Price Waterhouse.

In mid-December, Judge John R. Sticht of the Superior Court of Arizona granted Price Waterhouse's motion for a new trial in the matter of Standard Chartered PLC v. Price Waterhouse. Judge Sticht found the jury verdicts in an earlier trial so "irreconcilably inconsistent" as to be "blatantly erroneous," necessitating new trials for both liability and damages.

The American Institute of CPAs was pleased by Judge Sticht's decision. The Institute believes it indicates a growing tendency among courts to look closely at fairness issues in these situations and not simply rubber-stamp clearly irrational verdicts and legal holdings.

The Institute will continue to press for legislative reform in the U.S. tort liability system to eliminate the potential for the type of unsound jury verdict represented by the Standard Chartered case.
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Title Annotation:Arizona
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Feb 1, 1993
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