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KAPLAN v. PEAT, MARWICK, MITCHELL & CO.

540 A.2d 726 (1988)

Bernard KAPLAN, Martin Fox and Warren Opal, Trustees, on Behalf of the Chase Manhattan Corporation, Derivatively, Plaintiffs Below, Appellants, v. PEAT, MARWICK, MITCHELL & CO., Defendant Below, Appellee, and The Chase Manhattan Corporation, Nominal Defendant Below, Nominal Appellee.

Supreme Court of Delaware.

Decided: April 19, 1988.

Attorney(s) appearing for the Case

Thomas G. Hughes, and Mark D. Sisk, of Hughes and Sisk, Wilmington, and Jerome M. Congress (argued), and Virginia A. LoPreto, of Milberg, Weiss, Bershad, Specthrie & Lerach, New York City, and Carole A. Broderick, of Greenfield & Chimicles, Haverford, Pa., of counsel, for appellants.

Allen M. Terrell, Jr., and Kevin G. Abrams, of Richards, Layton & Finger, P.A., Wilmington, and Victor M. Earle, III (argued), William T. Hegarty, Allen S. Joslyn, and Kirsten Emigholz, of Cahill, Gordon & Reindel, New York City and Leonard P. Novello, General Counsel and Edwin D. Scott, Associate General Counsel, of Peat, Marwick, Mitchell & Co., New York City, of counsel, for appellee Peat, Marwick, Mitchell & Co.

Before CHRISTIE, C.J., MOORE and WALSH, JJ.

WALSH, Justice:

This is an appeal from a decision by the Court of Chancery dismissing a shareholders derivative action brought by plaintiffs, Bernard Kaplan, Martin Fox and Warren Opal (the "Plaintiffs") on behalf of The Chase Manhattan Corporation ("Chase") against Chase's independent auditor Peat, Marwick, Mitchell & Co. ("Peat Marwick"). Plaintiffs allege that as a result of Peat Marwick's negligence and breach of contract, Chase has suffered significant losses...

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