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California Supreme Court vacates Union Bank case.

In a follow-up to a case reported on in the July 1991 Legal Scene, the California Supreme Court vacated the appellate court opinion in Union Bank v. Ernst & Whinney. The appellate court had ruled Ernst was not liable to Union Bank, which allegedly relied on Ernst's review report in extending $7 million in credit to ZZZZ Best Co.

Because of the decertification, the appellate court's opinion will not serve as case precedent for future accountant-liability cases. (Union Bank v. Ernst & Whinney, 91 Daily Journal D.A.R. 6119)
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Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Author:Baliga, Wayne J.
Publication:Journal of Accountancy
Date:Aug 1, 1991
Words:88
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