4th Circ. Backs Accountants Against Keystone Exec

Law360, New York (June 25, 2008, 12:00 AM EDT) -- A federal appeals court has ruled that accounting giant Grant Thornton LLP was not liable for the lost earnings of the former president of First National Bank of Keystone, who claimed he relied on an audit report by the firm in accepting the job just months before the bank imploded.

Overturning a West Virginia federal district court, the U.S. Court of Appeals for the Fourth Circuit said Grant Thornton was not guilty of negligent misrepresentation when it gave the bank a clean bill of financial health...
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