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NEGLIGENCE - Duty and standard of care - Duty of care - Causation

Wednesday, December 20, 2017 @ 1:58 PM  

Appeal from a judgment of the Ontario Court of Appeal affirming a decision awarding to Livent Inc. $84,750,000 in damages against its auditor Deloitte & Touche (Deloitte). Livent sued Deloitte, alleging it had been negligent in providing its services in relation to auditing and the solicitation of investment, specifically: Deloitte’s 1997 approval of a press release and provision of a comfort letter; and Deloitte’s preparation and approval of the 1997 clean audit opinion. Livent asserted that it detrimentally relied on Deloitte in each of these events,...