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KEMIN INDUSTRIES v. KPMG PEAT MARWICK LLP

No. 96-1093.

578 N.W.2d 212 (1998)

KEMIN INDUSTRIES, INC., Appellee, v. KPMG PEAT MARWICK LLP a/k/a Peat Marwick Main & Co., Appellant.

Supreme Court of Iowa.

May 28, 1998.

Attorney(s) appearing for the Case

Thomas D. Hanson, Fred E. Beaver, and Clark G. McDermott of Hanson, Bjork & Russell, L.L.P., Des Moines, and Donald W. Rose, New York City, for appellant.

Patrick M. Roby and Christopher L. Bruns of Elderkin & Pirnie, P.L.C., Cedar Rapids, for appellee.

Rex J. Ryden of Cartwright, Druker & Ryden, Marshalltown, and Richard I. Miller, New York City, for amicus curiae American Institute of Certified Public Accountants.

W. Don Brittin, Jr. of Nyemaster, Goode, McLaughlin, Voigts, West, Hansell & O'Brien, P.C., Des Moines, for amicus curiae Iowa Society of Certified Public Accountants.

Considered by HARRIS, P.J., and LARSON, CARTER, LAVORATO, and ANDREASEN, JJ.

CARTER, Justice.

KPMG Peat Marwick (Peat Marwick), a public accounting firm, appeals from a $2.95 million money judgment entered against it in an action brought by its client, Kemin Industries, Inc. (Kemin). As grounds for reversal, Peat Marwick contends that (1) those responsible for Kemin's financial affairs had knowledge of the items that it claims Peat Marwick failed to uncover in its audit; (2) the district court applied an improper standard of care in ruling...

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