GRANT THORNTON LLP, Petitioner,
v.
PROSPECT HIGH INCOME FUND, ML CBO IV (Cayman), Ltd., Pamco Cayman, Ltd., and Pam Capital Funding, L.P., Respondents.
Supreme Court of Texas.https://leagle.com/images/logo.png
Argued December 9, 2008.
Decided July 2, 2010.
Attorney(s) appearing for the Case
Robert W. Coleman, David Albert Buono II, Joel E. Geary, Brown McCarroll, LLP, Robb L. Voyles, Jessica B. Pulliam, Samara L. Kline, Baker Botts L.L.P., Dallas, TX, Thomas R. Phillips, Kennon Lathem Peterson, Baker Botts L.L.P., Austin, TX, Allyson Newton Ho, Morgan, Lewis & Bockius LLP, Houston, TX, for Petitioner.
Paul Brian Lackey, Michael Philip Aigen, Scott S. Hershman, Lackey Hershman, L.L.P., Dallas, TX, for Respondents.
Douglas W. Alexander, Alexander Dubose & Townsend, L.L.P., Austin, TX, Kelly M. Hnatt, Willkie Farr & Gallagher, New York, NY, for Amicus Curiae, The Texas Association of Certified Public Accountants.
E. Lee Parsley, E. Lee Parsley, P.C., Austin, TX, for Amicus Curiae, Texans for Lawsuit Reform.
Supreme Court of Texas.
Chief Justice JEFFERSON delivered the opinion of the Court.
Certified accountants audit companies for many purposes, not least of which is to provide corporate directors with an objective assessment of their companies' performance. Audits are also prepared to give information to a specific investor who the auditor knows will rely on its contents. We must decide whether the law imposes an obligation on the auditor to provide...
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