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BOARD OF TRUSTEES OF COMMUNITY COLLEGE DISTRICT No. 508 v. LYBRAND

No. 94676.

803 N.E.2d 460 (2003)

208 Ill.2d 259

281 Ill.Dec. 56

The BOARD OF TRUSTEES OF COMMUNITY COLLEGE DISTRICT No. 508, COUNTY OF COOK, Appellee, v. COOPERS & LYBRAND, Appellant.

Supreme Court of Illinois.

December 18, 2003.

Attorney(s) appearing for the Case

Jeffrey R. Tone, Linton J. Childs, David A. Gordon and Carter G. Phillips, of Sidley, Austin, Brown & Wood, Chicago, for appellant.

Reuben L. Hedlund, James W. Joseph, Erin H. Walz, Sarah J. Deneen and Thomas C. Koessl, of Hedlund & Hanley, L.L.C., Chicago, for appellee.

Todd A. Rowden, of Quarles & Brady, L.L.C., Chicago, and Kelly M. Hnatt, of Willkie, Farr & Gallagher, New York, New York (Richard I. Miller, New York, New York, of counsel), for amicus curiae American Institute of Certified Public Accountants.

Justice KILBRIDE delivered the opinion of the court:

The Board of Trustees of Community College District No. 508 (Board) sued the accounting firms of Coopers & Lybrand (Coopers) and Arthur Andersen (Andersen). The Board sought more than $50 million in compensatory damages, allegedly resulting from the failure of those firms to discover and report to the Board inappropriate investments made by Phillip R. Luhmann, the treasurer and chief financial officer of City...

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