Chamber, Auditors Seek High Court Review of BDO Liability Ruling

The US Chamber of Commerce and the largest US accounting trade group urged the Supreme Court on Tuesday to reconsider a lower court ruling that found auditors liable for lapses that could sway investor choices.

The pair of friend-of-the court briefs, plus two others, support BDO USA P.C., which in May asked the high court to reconsider a Second Circuit decision that the accounting firm should face investor fraud claims over its botched audits for insurer AmTrust Financial Services Inc.

At issue is whether investors consider auditor mistakes to be significant, or material, information that could alter shareholder investments.

AmTrust ...