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Posts Categorized: Accounting and Accountants

Posted: April 28, 2017

Continuous Representation Doctrine Inapplicable if Limitation Period Set By Contract, Not Statute

On April 20, 2017, the First Department issued a decision in Aaron v. Deloitte Tax LLP, 2017 NY Slip Op. 03051, holding that the continuous representation tolling doctrine did not apply to an accounting malpractice claim where the limitations period applicable to the claim was set by contract, not statute, explaining: The engagement letter, which… Read more »

Posted: January 10, 2017

Negligent Misrepresentation Claim Against Accountants Fails For Lack of Link to Plaintiff’s Use

On January 5, 2017, the First Department issued a decision in GSP Finance LLC v. KPMG LLP, 2017 NY Slip Op. 00087, affirming the denial of a motion to amend to add of a negligent misrepresentation claim against an accounting firm, explaining: The court . . . providently exercised its discretion in denying plaintiff’s motion… Read more »

Posted: December 8, 2016

Accounting Malpractice Claim Properly Dismissed for Lack of Privity

On November 30, 2016, the Second Department issued a decision in Weinstein v. CohnReznick, LLP, 2016 NY Slip Op. 08068, affirming the dismissal of an accounting malpractice claim, explaining: The plaintiffs alleged that Cohn, an accounting firm, assisted nonparties Lawrence Levine and David Levine (hereinafter together the Levines) in wrongfully acquiring the plaintiff Solas Plumbing… Read more »

Posted: February 7, 2016

Claims Against Auditors of Failed Fund Dismissed Under In Pari Delicto Doctrine

On January 19, 2016, Justice Bransten of the New York County Commercial Division issued a decision in FIA Leveraged Fund Ltd. v. Grant Thornton LLP, 2016 NY Slip Op. 50093(U), dismissing a claim under the in pari delicto doctrine. In FIA Leveraged Fund, the plaintiffs brought a claim against the defendants “to recover approximately $47…