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Lindner Fund V. Abney Case

251 Words2 Pages

In the case Lindner Fund v. Abney there was a corporation located in Phoenix, Arizona called Texscan Corporation. This company was audited by Coopers & Lybrand (Cooper) in which reviewed financial records. One of the investors of Texscan was Lindner Funds and after receiving and reviewing the audited financial material from Texscan, Lindner Funds made the decision to invest in Texscan. But there was an unknown reason Texsca, suffered financial difficulties and Lindner suffered as well. Due to the suffering Linder Funds decided to charge legal proceedings against Coopers, stating negligence in audit of financial records and accounting malpractice. When considering the “Ultramare Doctrine” its only applied when a proof of negligence existed

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