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SEC. PAC. v. PEAT MARWICK

165 A.D.2d 622 (1991)

Security Pacific Business Credit, Inc., Appellant, v. Peat Marwick Main & Co., as Successor to Main Hurdman et al., Respondent

Appellate Division of the Supreme Court of the State of New York, First Department.

April 30, 1991

Attorney(s) appearing for the Case

Gabriel B. Schwartz of counsel (Anthony C. Acampora with him on the brief; Hahn & Hessen, attorneys), for appellant.

Mathias E. Mone of counsel (Jonathan D. Thier, Timothy R. Dodson, Louis P. Novello and Claudia L. Taft with him on the brief; Cahill Gordon & Reindel, attorneys), for respondent.

MILONAS and ELLERIN, JJ., concur with KUPFERMAN, J.; CARRO, J. P., and RUBIN, J., dissent in a separate opinion by CARRO, J. P.

KUPFERMAN, J.

We start as we must, as did the IAS court, with the analysis in Credit Alliance Corp. v Andersen & Co. (65 N.Y.2d 536, 551): "Before accountants may be held liable in negligence to noncontractual parties who rely to their detriment on inaccurate financial reports, certain prerequisites must be satisfied: (1) the accountants must have been aware that...

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