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CAP. MTG. CORP. v. COOPERS & LYBRAND

Docket Nos. 65456, 65763.

142 Mich. App. 531 (1985)

369 N.W.2d 922

CAPITAL MORTGAGE CORPORATION v. COOPERS & LYBRAND

Michigan Court of Appeals.

Decided May 7, 1985.

Attorney(s) appearing for the Case

Jenkins, Nystrom, Hitchcock, Parfitt & Nystrom, P.C. (by Merle R. Jenkins and Janis B. DeGennaro), for plaintiffs.

Clark, Klein & Beaumont (by Laurence M. Scoville, Jr., and Jonathon T. Walton, Jr.), and Miller, Canfield, Paddock & Stone (by Gilbert E. Gove, Michael W. Hartmann, and Stephen J. Ott), and Hughes, Hubbard & Reed (by Jay Kelly Wright and Walter G. Ricciardi), for defendant Coopers & Lybrand.

Before: D.E. HOLBROOK, JR., P.J., and MacKENZIE and E.A. QUINNELL, JJ.

PER CURIAM.

This case arises from Capital Mortgage Corporation's (CMC) retaining Coopers & Lybrand (C&L), an accounting firm, to conduct a routine audit. During the course of the audit C&L failed to detect $1.5 million of embezzlement perpetrated by the third-party defendants, Nott, Kline and DeWitt. A major portion of the embezzlement loss, $850,000, was paid by Security Insurance Company of Hartford (SIC), which insured CMC against employee dishonesty...

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