ML-Lee Acquisition Fund, L.P. v. Deloitte

MOORE, Justice:

This case is before us on a writ of certiorari to review the Court of Appeals’ decision reported at 320 S.C. 143, 463 S.E.2d 618 (Ct.App.1995). We affirm in part and reverse in part.

FACTS 1

Petitioner Deloitte & Touche (Accountant) was retained by Emb-Tex Corporation to audit its financial statements from 1982 through 1988. Respondent ML-Lee Acquisition Fund (Investor) made two investments in Emb-Tex, one in 1988 for $16 million and one in 1990 for $2 million. Investor subsequently commenced this action against Accountant for professional negligence and negligent…