President Obama introduced former Ohio Attorney General Richard Cordray as his choice to lead the new Consumer Financial Protection Bureau, saying that he would be an advocate for people who can’t afford to hire “teams of lawyers from blue-chip law firms.” Some Democratic members of Congress and consumer groups had hoped Obama would nominate Elizabeth Warren, the Harvard Law School professor worked to set up the bureau, but Warren has praised Cordray’s selection.
A federal judge has denied motions by BDO International Ltd.’s Hong Kong member firm and firms affiliated with PKF International Ltd. to dismiss a complaint alleging that the accounting firms were complicit in securities fraud by China Expert Technology Inc. “Enough has been alleged to make out a plausible claim for relief,” U.S. District Judge Alvin Hellerstein said in a handwritten order. Plaintiffs’ lawyers said they hoped suits against outside auditors including BDO and PFK would offer a way around the difficulties attending lawsuits against Chinese companies.
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