They were not fully aware of it until late in a four-week trial, but attorneys inthe recently completed trial of a lawsuit against the auditors of a Long Islandhealth care management firm were blazing a new trail in their field.
The trial of In re Health Management Inc. Securities Litigation, which resulted ina defense verdict absolving a Chicago accounting firm of wrongdoing in its auditof Long Island-based Health Management Inc., was the first held anywhere underthe 1995 Private Securities Litigation Reform Act, which sharply limits theapplication of joint and several liability in securities and auditing fraud cases.
