Printer Friendly

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.
COPYRIGHT 1993 American Institute of CPA's
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Arizona
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Feb 1, 1993
Previous Article:POB annual report stresses liability crises.
Next Article:Shareholder concerns link executive pay to performance.

Related Articles
AICPA standards not controlling at trial.
Remembering Leonard M. Savoie (1923-1991).
Black days for accounting firms.
CPAs named to FAF.
Appellate court sustains breach-of-contract action.
Florida court favors Amex employee in holding-out case.
AICPA clarifies concurring partner role.
A firm vindicated; a profession enhanced.
So you want to be an arbitrator: it's an excellent opportunity for CPAs, but be aware of the process and the challenges.
William Holder [awarded highest honor from AICPA].

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters