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mirandaisaacs mirandaisaacs
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6 years ago
Auditors' Liability to Third Parties. Max Mitchell, a certified public accountant and president of Max Mitchell & Co, went to First Florida Bank, N.A., to negotiate a 500,000 unse-cured line of credit for C.M. Systems, Inc The audited financial statements that Mitchell gave the bank did not indicate that C.M. Systems owed any money. In fact, the company owned at least 750,000 to several banks. First Florida approved the loan, but C.M. systems never repaid it. The bank filed a suit in Florida state court against Mitchell and his firm, alleging negligence. Because there was no privity between Mitchell and the bank, the court granted Mitchell sum-mary judgment. The bank appealed. On what basis might the appellate court reverse?
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tdubb1992tdubb1992
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