Unlimited liability; accountants' legal exposure is fuzzy, but the bottom line is clear: damages are exploding
Article Abstract:
The year 1992 saw large judgments levied against accounting firms, a trend which had been in the making for some time. An American Institute of Certified Public Accountants survey showed that suits against small and medium-sized accounting firms doubled in the late 1980s. This trend is ascribed partly to the savings and loan crisis and plaintiffs' urge to hold someone liable if the thrift is bankrupt. Professionals' liability exposure has also been augmented by a decreased trust in authority.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1992
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Professionals defend themselves
Article Abstract:
Law and accountancy firms employed by Charles Keating began their defense in a Tucson, AZ, civil racketeering and fraud case Mar 13, 1992. Lawyers for the firms of Jones, Day, Reavis & Pogue; Arthur Young & Co; and Touche Ross & Co claimed to have been misled by Keating's American Continental Corp, thus enabling the insolvent company to sell bonds. Arthur Andersen & Co settled with the bondholder plaintiffs on the opening day of the trial.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1992
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Court blocks inspection of Gibson Dunn billing; business client says megafirm churned his file at $250 an hour
Article Abstract:
A Second District Court of Appeal panel ruled unanimously on Mar 30, 1995, that law firm Gibson, Dunn & Crutcher's markup on an associate's hourly billing is not relevant to a suit charging the firm with churning. Gibson Dunn charged $250 an hour for associate Marcy Shaffer's work, part of the services that Jeremy Simms, a retired land developer, says cost him $2 million in 16 months.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1995
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- Abstracts: Limited liability partnerships in the United Kingdom - do they have a role for small firms? The evolution of closely held business forms in Europe
- Abstracts: Limited liability partnerships in the United Kingdom - do they have a role for small firms? part 2 Federalism, regulatory competition, and the limited liability movement: the coyote howled and the herd stampeded
- Abstracts: Survey: general counsel face environmental toll. More lawyers expect to urge their clients to examine compliance
- Abstracts: Court again limits majority-minority districts. Where to draw the line on race redistricting? Montana's lost seat begs issue: House apportioning system challenged
- Abstracts: Gifts made under a durable power of attorney were held includable in estate. Gifts made under a durable power of attorney are ruled revocable