New York Upholds Ultramares and Delineates Three-Part Test Which Noncontractual Parties Must Satisfy to Hold Accountants Liable in Negligence

Details a case decided by the New York Court of Appeals which held that accountants may only be held liable in negligence by parties in contractual privity with them or by reliant parties who satisfy certain requirements. The article goes on to discuss an accountant’s professional liability today and the law in New York before this case was decided. The article then analyzes the case and details its importance overall and specifically in Texas.