IMARK INDUSTRIES, INC., Plaintiff-Respondent and Cross-Appellant,
v.
ARTHUR YOUNG & COMPANY, Defendant and Third-Party Plaintiff-Appellant and Cross-Respondent,
Joel B. KONICEK and David H. James, Third-Party Defendants-Respondents and Cross-Appellants.
Court of Appeals of Wisconsin.https://leagle.com/images/logo.png
Submitted on briefs April 7, 1987.
Decided August 25, 1987.
Attorney(s) appearing for the Case
For the plaintiff-respondent and cross-appellant the cause was submitted on the briefs of John P. Scotellaro and Stephen J. O'Neil of Bell, Boyd & Lloyd, of Chicago, Illinois and Andrew O. Riteris of Michael, Best & Friedrich, of counsel, of Milwaukee.
For the defendant and third-party plaintiff-appellant and cross-respondent the cause was submitted on the briefs of Whyte & Hirschboeck, S.C., by D. Jeffrey Hirschberg, Barbara Janazsek and Ruthann M. Riedl, of Milwaukee and Eugene R. Erbstoesser, associate general counsel, of New York, New York.
For the third-party defendants, respondents and cross-appellants the cause was submitted on the briefs of Smith & O'Neil, S.C. by Alan M. Levy, of Milwaukee.
On behalf of Wisconsin Institute of Certified Public Accountants an amicus curiae brief was filed by Foley & Lardner with John S. Skilton and William M. Conley of counsel, of Madison.
On behalf of American Institute of Certified Public Accountants an amicus curiae brief was filed by L. William Staudenmaier of Cook & Franke of Milwaukee with Willkie Farr & Gallagher by KennethJ. Bialkin, Louis A. Craco and Deborah E. Cooper of counsel, New York, New York.
Before Moser, P.J., Wedemeyer and Sullivan, JJ.
Court of Appeals of Wisconsin.
MOSER, P.J.
The central issue in this case involves the liability of an accounting firm for the negligent preparation of an audit report relied on by a third party not in privity. Arthur Young & Company (AY) appeals from a judgment affirming a jury verdict finding that AY negligently misrepresented the financial status of National Control Systems, Inc. (NCS) in an audit AY prepared for NCS which was relied on by Imark Industries, Inc. (Imark), and awarding Imark...
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