STANDARD CHARTERED PLC v. PRICE WATERHOUSE

Nos. 1 CA-CV 93-0461, 1 CA-CV 93-0442.

945 P.2d 317 (1996)

190 Ariz. 6

STANDARD CHARTERED PLC, a United Kingdom Corporation, Standard Chartered Bank, a United Kingdom Banking Entity, and Standard Chartered Overseas Holdings Ltd., a United Kingdom Corporation, Plaintiffs-Appellees, v. PRICE WATERHOUSE, a General Partnership, Defendant-Appellant. STANDARD CHARTERED PLC, a United Kingdom Corporation, Standard Chartered Bank, a United Kingdom Banking Entity, and Standard Chartered Overseas Holdings Ltd., a United Kingdom Corporation, Plaintiffs-Appellants, Cross Appellees, v. PRICE WATERHOUSE, a General Partnership, Defendant-Appellee, Cross Appellant.

Court of Appeals of Arizona, Division 1, Department A.

As Corrected on Denial of Reconsideration January 13, 1997.

Review Denied October 21, 1997.


Attorney(s) appearing for the Case

Beus, Gilbert & Morrill, P.L.L.C. by Leo R. Beus, L. Richard Williams, Mark C. Dangerfield, Martin A. Aronson and Michael R. Devitt, and Gust Rosenfeld by Richard A. Segal, Phoenix, for Plaintiffs-Appellees.

Snell & Wilmer by Daniel J. McAuliffe and Robert B. Hoffman, Phoenix, Cravath, Swaine & Moore by Thomas D. Barr, Rory O. Millson and Francis P. Barron, New York City, Brown & Bain, P.A. by Paul F. Eckstein, H. Michael Clyde and Joel W. Nomkin, Phoenix, and Price Waterhouse by Eldon Olson, General Counsel, Rodman W. Benedict, Associate Counsel, New York City, for Defendant-Appellant Price Waterhouse.

Gammage & Burnham by Grady Gammage, Jr., Phoenix, for Amici Curiae Society of Certified Public Accountants and American Institute of Certified Public Accountants.

Willkie Farr & Gallagher by Louis A. Craco, David P. Murray and Randy J. Branitsky, and American Institute of Certified Public Accountants by Richard I. Miller, General Counsel, New York City, for Amicus Curiae American Institute of Certified Public Accountants.


OPINION

FIDEL, GARBARINO and WEISBERG, Judges.

The plaintiffs are Standard Chartered PLC, a British banking corporation, and two of its subsidiaries, Standard Chartered Bank and Standard Chartered Overseas Holdings, Ltd. (collectively "SC"). The defendant is Price Waterhouse, an accounting firm ("PW"). SC brought this action as assignee or successor in interest to certain tort and statutory damages claims owned originally by Union Bancorp of California ...

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