Torts Keyed to Dobbs
Ultramares Corp. v. Touche, Niven & Co
The Defendants, public accountants, had been employed by a third-party to prepare and certify a balance sheet exhibiting that party’s financial health. The Defendants certified capital and surplus to be in excess of $1 million. The business, however, was actually close to insolvency. Relying on the Defendant’s independent assessment of the third-party’s finances, the Plaintiff extended several loans and when the third-party’s business collapsed the Plaintiff was unable to secure repayment. The Plaintiff sued, alleging damages arising from the Defendants’ misrepresentations, negligence and fraud. The Defendants were aware third-party would use its certificate of audit to obtain credit for the operation of its business and in other financial dealings. Following judgment, the parties cross-appealed the appellate court’s dismissal of the Plaintiff’s complaint.
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