The court struck out the claim against KPMG on the ground that it did not owe the claimant a duty of care and, in any event, the claim was time-barred. The claimant was an investment fund which loaned money to KPMG’s client. The fact that KPMG knew that the claimant would relay its advice to its investors and that they would rely on it did not make it fair to impose a duty of care nor was there an assumption of responsibility by KPMG to the claimant (Arrowhead Capital Finance Ltd v KPMG LLP).
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Accountants’ liability to third parties
- Mills & Reeve LLP
- United Kingdom
- August 30 2012
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Senior Patent Counsel
Royal DSM NV