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MCA FINANCIAL CORP. v. GRANT THORNTON, L.L.P.

Docket No. 244972.

687 N.W.2d 850 (2004)

263 Mich. App. 152

MCA FINANCIAL CORPORATION, MCA Mortgage Corporation, Mortgage Corporation of America and Rimco Realty and Mortgage Company, Plaintiffs-Appellants, v. GRANT THORNTON, L.L.P., and Doeren Mayhew & Company, P.C., Defendants-Appellees.

Court of Appeals of Michigan.

Decided July 29, 2004, at 9:00 a.m.

Released for Publication September 29, 2004.

Attorney(s) appearing for the Case

Bodman, Longley & Dahling LLP (by James J. Walsh, Alan N. Harris, and Matthew T. Jane), Ann Arbor, for the plaintiffs.

Law Offices of John A. Libby, P.C. (by John A. Libby) and Cohen & Grigsby, P.C. (by Richard R. Nelson, II, and Larry K. Elliiott), Pittsburgh, PA, for Grant Thornton, L.L.P. Troy.

Young & Susser, P.C. (by Rodger D. Young, Steven Susser, and Terry Milne Osgood), Southfield, for Doeren Mayhew & Company, P.C.

Before: SAWYER, P.J., and GAGE and OWENS, JJ.

SAWYER, P.J.

In this case, we are asked to address the question whether a corporation may recover damages from its auditors where the auditors certified what proved to be false financial statements and the corporation subsequently went into bankruptcy. We agree with the trial court that the wrongful conduct of individual corporate officers may be imputed to the corporations, thus precluding the corporations from maintaining...

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