Pretzel & Stouffer partners, Richard Waris and Brendan Nelligan, along with associates Matt Tibble and Tom Draths, won dismissal of an accounting malpractice case filed by a major U.S. bank against a local accounting firm in connection with an audit our client performed of the plaintiff bank’s borrower. The bank alleged that it had loaned over $34 million to its borrower, purportedly in reliance upon our client’s audit report pertaining to financial statements prepared by the borrower. The Pretzel & Stouffer team was able to develop legal arguments establishing that the plaintiff bank failed to set forth any basis for the United States District Court to conclude that our client owed any duty to the bank. The District Court dismissed the bank’s case against our client with prejudice.
Bank of America v. Knight, 2012 U.S. Dist. LEXIS 85815 (N.D. Ill. June 20, 2012).