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SEC. PAC. v. PEAT MARWICK

79 N.Y.2d 695 (1992)

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

Court of Appeals of the State of New York.

Decided July 1, 1992.

Attorney(s) appearing for the Case

Mathias E. Mone, Jonathan D. Thier, Leonard P. Novello and Claudia L. Taft for appellant.

Gabriel B. Schwartz and Anthony C. Acampora for respondent.

Louis A. Craco and John J. Halloran, Jr., for American Institute of Certified Public Accountants, amicus curiae.

Steven B. Rosenfeld, Gidon M. Caine and Glenda G. Grace for New York State Bankers Association and others, amici curiae.

Dan L. Goldwasser, John C. Grosz and Michael J. Crisafulli for New York State Society of Certified Public Accountants, amicus curiae.

Chief Judge WACHTLER and Judges SIMONS, KAYE and TITONE concur with Judge BELLACOSA; Judge HANCOCK, JR., dissents and votes to affirm in a separate opinion.

BELLACOSA, J.

Plaintiff, an institutional lender lacking a contractual or other direct business relationship with defendant accounting firm, seeks to hold the defendant liable for alleged negligence committed by defendant's predecessor in its 1984 audit of financial statements of its client, Top Brass Enterprises, Inc. (Top Brass). In October 1984, plaintiff, Security Pacific Business Credit, Inc. (SPBC), an...

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