United States Seventh Circuit

Dismissal of an action against an accounting firm for negligent misrepresentation, common law fraud and securities fraud is affirmed where: 1) plaintiff did not allege that the primary intent of a third-party's retention of the firm was to benefit plaintiff; 2) plaintiff did not meet the heightened pleading standard for fraud as it failed to show that defendant intended to induce plaintiff's action; 3) plaintiff did not adequately plead loss causation for its securities fraud claim; and 4) plaintiff did not adequately explain how defendant caused its loss for its common law fraud claim.

Appellate Information

• Decided 01/17/2007
• Published 01/17/2007

Judges

Court

• United States Seventh Circuit

Counsel