Judge Victor Marrero said the administrator winding down MF Global had ‘presented sufficient evidence to create a material factual dispute’ as to whether PwC’s advice had played a role in the company’s demise in 2011.

PwC had applied for summary judgment in the case, but Judge Marrero denied the motion, ruling the firm ‘has not satisfied its burden of demonstrating the absence of any genuine issue of material fact’.

Investors left the company after former chairman and New Jersey senator Jon Corzine took risks on European sovereign debts. Corzine is not a defendant in the case.

Last year, PwC agreed to pay $65m to settle a separate dispute with MF Global over its auditing of the company’s internal controls.

The dispute has bounced back and forth between courts for years, and in 2014 judge Marrero rejected attempts to hold PwC responsible in part for MF Global’s collapse, after finding that MF Global and PwC were in pari delicto, or at equal fault.

‘A corporation that engages in malfeasance cannot sue outside accountants who negligently failed to detect or prevent that malfeasance,’ the ruling said at the time.

Both MF Global’s administrators and PwC have been contacted for comment.