Corporations Keyed to Klein
Young v. Jones
Facts
Plaintiffs invested $550,000 in a South Carolina bank after they were reassured by Defendants, through an unqualified audit letter, that the investment entity was legitimate. The audit letter was based upon a falsified financial statement. Plaintiffs dealt primarily with one Defendant, PW-Bahamas, to obtain the audit letter, but they included the United States Price Waterhouse (“PW-US”) firm as well as individual members of the PW-US firm. PW-US and its individual members did not directly handle the failed investment, but partners are jointly and severally liable for the actions of one party of a partnership. Therefore, if Plaintiffs could establish a partnership between PW-Bahamas and PW-US then PW-US could be held liable. Plaintiffs argued that a partnership by estoppel was established through pamphlets by Defendants that linked the various offices worldwide.
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