Ontario’s top Court dismisses class action against auditor
In its unanimous decision in Lavender v. Miller Bernstein LLP released on September 5, 2018, the Court of Appeal for Ontario made it clear that notwithstanding the liability imposed by the Supreme Court of Canada (“SCC”) in the recent auditor’s negligence case of Livent v. Deloitte & Touche, the reasoning of the SCC in Livent will make it rare for an auditor on a limited retainer to be held liable to anyone other than its audit client, such as investors, clients or other stakeholders of the audit client. In Lavender, the Court of Appeal heard an appeal from Mr. Justice Belobaba’s summary judgment ... [more] Full article
Supreme Court of Canada (partially) upholds judgment against former Livent auditor
On December 20, Canada’s highest court released a hotly anticipated decision that is almost certainly the final act in the more than 20 year saga of a formerly pre-eminent theater ... [more] Full article
Supreme Court of Canada to hear landmark auditor’s liability case
Today, on June 9, 2016, the Supreme Court of Canada granted former Livent auditor, Deloitte & Touche, leave to appeal from the decision of the Court of Appeal for Ontario, ... [more] Full article
Curtains for auditor’s arguments at the Court of Appeal in Livent case
Livent Inc. (“Livent”) has prevailed at the Court of Appeal in its auditor’s negligence claim against Deloitte & Touche (“Deloitte”) concerning Deloitte’s failure to detect an accounting fraud carried out by Livent’s senior management. In the result, the trial judge’s $84,750,000.00 damage award (plus interest) was upheld. [more] Full article