Legal Opinion
Security Pacific Business Credit, Inc. v. Peat Marwick Main & Co.
Appellate Division of the Supreme Court of the State of New York
Decided April 30, 1991PublishedCited by 5 opinions
1Opinion of the Court
OPINION OF THE COURT
Kupferman, J.
We start as we must, as did the IAS court, with the analysis in Credit Alliance Corp. v Andersen & Co. (65 NY2d 536, 551): "Before accountants may be held liable in negligence to noncontractual parties who rely to their detriment on inaccurate financial reports, certain prerequisites must be satisfied: (1) the accountants must have been aware that the financial reports were to be used for a particular purpose or purposes; (2) in the furtherance of which a known party or parties was intended to rely; and (3) there must have been some conduct on the part of the…
2Cases cited3 opinions
- William Iselin & Co. v. LandauNew York Court of Appeals · 1988
- Westpac Banking Corp. v. DeschampsNew York Court of Appeals · 1985
- European American Bank & Trust Co. v. Strauhs & KayeAppellate Division of the Supreme Court of the State of New York · 1984
3Cited by5 opinions
- Security Pacific Business Credit, Inc. v. Peat Marwick Main & Co.New York Court of Appeals · 1992
- Walpert, Smullian & Blumenthal, P.A. v. KatzCourt of Appeals of Maryland · 2000
- Prudential Securities Inc. v. E-Net, Inc.Court of Special Appeals of Maryland · 2001
- Security Pacific Business Credit, Inc. v. Peat Marwick Main & Co.New York Court of Appeals · 1992
- Walpert, Smullian & Blumenthal, P.A. v. KatzCourt of Appeals of Maryland · 2000