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Legislative Process Keyed to Mikva, 5th Ed.
Touche Ross & Co. v. Redington
Citation:
442 U.S. 560 (1979)Facts
Touche Ross & Co. served as the independent certified public accountant for Weis Securities, a registered broker-dealer, from 1969 to 1973. In this capacity, Touche Ross conducted audits and prepared annual reports of financial condition required by § 17(a) of the Securities Exchange Act of 1934. In 1973, the SEC and the New York Stock Exchange discovered Weis’s precarious financial condition and possible violations of securities laws. The Securities Investor Protection Corporation (SIPC) sought and obtained a decree that Weis’s customers needed protection under SIPA, and Redington was appointed as trustee for Weis’s liquidation. During liquidation, Weis’s assets were insufficient to satisfy customer claims, and SIPC advanced $14 million to cover some of these claims. In 1976, SIPC and the Trustee sued Touche Ross, claiming that certain Weis officers had concealed substantial operating losses by falsifying financial reports, and that Touche Ross’s improper audits and certification of these reports prevented timely remedial action that could have prevented or reduced customer losses.
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