Torts Keyed to Epstein
Credit Alliance Corporation v. Arthur Andersen & Co
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- Procedural Posture & History: Shares the case history with how lower courts have ruled on the matter.
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The facts of both cases are as follows: * In Credit Alliance Corp. v. Arthur Anderson & Co., Plaintiffs brought suit against Arthur Anderson & Co. (Defendant) for failure to conduct investigations in accordance with proper auditing standards, when Plaintiffs relied on Defendant’s financial reports in lending money to another party. The lower courts denied Defendant’s Motion to Dismiss and certified a question to the court of appeals, regarding whether their order was correct. * In European Am. Bank & Trust Co. v. Strahs & Kaye, the bank brought suit against Defendant for exaggeration of another company’s assets, which Plaintiff relied on in lending money to an insolvent company. In that case, the appellate division reversed a dismissal of Plaintiff’s complaint on the grounds that Defendant knew or should have known that Plaintiff was relying on their statements. A similar question was certified to the court of appeals for decision.
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