Legal Opinion
First National Bank of Commerce (Formerly the Bank of New Orleans & Trust Company) v. Monco Agency Incorporated, Arthur Young & Company
Court of Appeals for the First Circuit
Decided September 14, 1990No. 89-3734PublishedCited by 40 opinions
1Opinion of the Court
JERRY E. SMITH, Circuit Judge:
A bank maintains that an accounting firm negligently misrepresented the financial resources of a client of the firm in a 1980 audit report, upon which the bank relied to its detriment in extending a $2.1 million commercial loan. The client defaulted on the note immediately and remains insolvent, thus shifting the focus of this litigation from the defunct debtor to the accountants. Specifically, the bank seeks to recover on the bad debt from the firm that unqualifiedly attested to the accuracy of the financial statements.
We conclude that Louisiana law does not…
2Cases cited44 opinions
- Anderson v. Liberty Lobby, Inc.Supreme Court of the United States · 1986
- Celotex Corp. v. Catrett, Administratrix of the Estate of CatrettSupreme Court of the United States · 1986
- Ultramares Corp. v. ToucheNew York Court of Appeals · 1931
- Susan Waltman v. International Paper Co.Court of Appeals for the Fifth Circuit · 1989
- United States v. Arthur Young & Co.Supreme Court of the United States · 1984
39 more not listed; retrieve them via the Exa API.
3Cited by40 opinions
- Bily v. Arthur Young & Co.California Supreme Court · 1992
- Grant Thornton LLP v. Prospect High Income FundTexas Supreme Court · 2010
- Abbott v. Equity Group, Inc.Court of Appeals for the Fifth Circuit · 1993
- Barrie v. VP Exterminators, Inc.Supreme Court of Louisiana · 1993
- Antonio Chiari v. City of League CityCourt of Appeals for the Fifth Circuit · 1991
35 more not listed; retrieve them via the Exa API.