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  • Writer's pictureKirk Hartley

Would US Auditors Prefer to Litigate Securities Issues in India or the US ?

Here is a article by Andrew Longstreth regarding the defense view on whether a major securities class action should be litigated in the US or India. What outcome would you want as GC?

The article explains that PwC and others would prefer to litigate in India. A key excerpt is set out below:

“The Satyam scandal may have worsened India’s already poor reputation for corruption, but Satyam’s auditors–PricewaterhouseCoopers and Lovelock & Lewes–would still like to see the case handled in India rather than the U.S. Their motion, filed by Wilmer Cutler Pickering Hale and Dorr, argues that virtually all of the key evidence, witnesses, and defendants are located in India. But it also claims that Indian courts, “which have a history of expediting legal matters of national significance,” are more than prepared to take on the case. They say India has a securities fraud statute in which victims of a fraud on the market can be compensated. And since the matter of Satyam–in which more than $1 billion in assets were misstated–is India’s Enron, it will get be a top priority.

“Quite simply, what is arguably the highest-profile legal matter in India, will command the attention of the Indian judiciary and proceed swiftly,” wrote the Wilmer lawyers. “This case belongs in India.” (The lawyers have also filed a separate motion to dismiss the case on more traditional grounds.)

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