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  5. 65 N.Y.2d 536 (1985)
 

CREDIT CORP. v. ANDERSEN & CO.

65 N.Y.2d 536 (1985)

Credit Alliance Corporation et al., Respondents, v. Arthur Andersen & Co., Appellant. European American Bank and Trust Company, Respondent, v. Strauhs & Kaye et al., Appellants.

Court of Appeals of the State of New York.

Decided July 2, 1985.

Attorney(s) appearing for the Case

Robert L. King, John S. Kiernan and Charles W. Boand for appellant in the first above-entitled action.

Melvyn I. Weiss, Jerome M. Congress and Elizabeth A. Shollenberger for respondents in the first above-entitled action.

Dan L. Goldwasser, John G. Grosz, Bernard Persky and Jehv A. Gold for New York State Society of Certified Public Accountants, amicus curiae in the first above-entitled action.

Kenneth J. Bialkin, Louis A. Craco, Deborah E. Cooper and J. Kelly Strader for American Institute of Certified Public Accountants, amicus curiae in the first above-entitled action.

John C. Grosz, Dan L. Goldwasser, Bernard Persky and Jehv A. Gold for appellants in the second above-entitled action.

John W. McGrath and James L. Marketos for respondent in the second above-entitled action.

Chief Judge WACHTLER and Judges MEYER, SIMONS, KAYE, TITONE and BOOMER concur; Judge ALEXANDER taking no part.

JASEN, J.

The critical issue common to these two appeals is whether an accountant may be held liable, absent privity of contract, to a party who relies to his detriment upon a negligently prepared financial report and, if so, within what limits does that liability extend.

I

In Credit Alliance Corp. v Andersen & Co. ("Credit Alliance"), plaintiffs are major financial service companies...

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