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Professional Responsibility - SELF-GOVERNING PROFESSIONS - Duties - Duty of care - Negligence - Professions - Public accountants - Chartered accountants and auditors

Thursday, January 12, 2017 @ 7:00 PM  

Appeal by the plaintiff lenders from an order granting partial summary judgment dismissing a portion of their claims against the defendant auditors. In 1998, an accounting fraud was discovered at Philip, a publicly traded company. The fraud required a material restatement of Philip’s financial statements and led to the company’s financial collapse and default on its credit facilities. The appellants were Phillip’s lenders. They sued Philip’s auditors, the respondents. The respondents denied negligence in the conduct of the audits and denied the appellants relied on the...