Auditors Make For Likely Targets In Tough Time

Law360, New York (October 28, 2008, 12:00 AM EDT) -- Accounting firms will likely become a target of scorned investors trying to recover some of the money they lost in this bear market. But lawyers and law professors said plaintiffs may have a hard time getting their hands too deeply into the pockets of the firms.

In an economy where bank consolidations, bankruptcies and billion-dollar bailouts are daily headlines, the big auditing firms will most surely be smacked with lawsuits, said Ronald J. Colombo an associate professor at Hofstra University's School of Law.

“Let's assume that...
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