A case argued Tuesday at the state Supreme Court will determine whether an accounting firm faces third-party liability when information from audits of a client is used to help advance a merger deal and is later found to be threadbare.
In Cast Art Industries LLC v. KPMG LLP , A-51/52-10, the Appellate Division ruled that there was sufficient evidence to support a jury’s finding that accounting giant KPMG was negligent in its combing the books of Papel Giftware Inc. of Monroe Township, a distributor of pottery, dishware and giftware that Cast Art Industries LLC., of Corona, Calif., wished to acquire.
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