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ELDRED v. McGLADREY, HENDRICKSON & PULLEN

No. 89-1606.

468 N.W.2d 218 (1991)

Galen ELDRED; V.J. Kopecky; Stella Kopecky, Maxine Ferreter; Steven E. Eldred, Custodian; G. Terry Eldred, Custodian; Milton Kopecky; Edward Straka; Darleen Straka; Otto Straka; Frances Winchell; Harlan A. McKinney; Ruth McKinney; Raymond Conrad; Lois Holsinger, Deceased; and Arlene Topinka and Irene Conrad, On Behalf of Themselves and Others Similarly Situated, Appellants, v. McGLADREY, HENDRICKSON & PULLEN, A Partnership, Appellee, and State of Iowa, The Merchants National Bank of Cedar Rapids, and John Doe, Defendants.

Supreme Court of Iowa.

April 17, 1991.

Attorney(s) appearing for the Case

Nick Critelli of Nick Critelli Associates, P.C., Des Moines, for appellants.

Richard L. Miller, Jr., Chicago, Ill., and Roger T. Stetson and Quentin R. Boyken of Belin, Harris, Helmick, Tesdell, Lamson & McCormick, P.C., Des Moines, for appellee.

Considered by HARRIS, P.J., and LARSON, NEUMAN, SNELL, and ANDREASEN, JJ.

ANDREASEN, Justice.

The plaintiffs in this case are eighteen of approximately 18,000 investors who hold thrift certificates or subordinated debentures issued by MorAmerica Financial Corporation (MorAmerica) and its wholly owned subsidiary the Morris Plan Company of Iowa (Morris Plan). The defendant, McGladrey, Hendrickson & Pullen (McGladrey), an accounting firm, audited MorAmerica and Morris Plan in 1983 and issued an independent auditor's report. Later, the...

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