PwC Wins Summary Judgment in Accounting Malpractice Action

On October 24, Skadden secured summary judgment on behalf of PricewaterhouseCoopers LLP (PwC) in an accounting malpractice action in Nevada district court. The plaintiff alleged that PwC provided negligent advice in connection with a 2003 stock sale transaction that the IRS later determined was an improper tax avoidance scheme. PwC argued that, under Nevada choice-of-law rules, the plaintiff’s claims were time-barred under New York’s statute of limitations. PwC further argued that the claims were barred even if Nevada’s statute of limitations applied. Agreeing with PwC, the court held that the claims were time-barred regardless of which state’s statute of limitations applied.