11th Circ. Won't Revive Arch's $4M Suit Against Auditor

Law360, New York (July 14, 2011, 6:53 PM EDT) -- The Eleventh Circuit on Thursday upheld the dismissal of a lawsuit in which Arch Insurance Co. accused accounting firm Clements Purvis & Stewart PC of causing it more than $4 million in losses by negligently auditing a Georgia construction company.

Arch had issued performance bonds to Douglas Asphalt Co. in 2005 and 2006 to cover scores of projects that the insurer became responsible for completing after the construction company encountered serious financial problems. Arch claimed it had relied on material misrepresentations that Clements Purvis negligently made...
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