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ROSENBLUM v. ADLER

93 N.J. 324 (1983)

461 A.2d 138

H. ROSENBLUM, INC., A NEW JERSEY CORPORATION, SUMMIT GIFT GALLERIES, INC., A NEW JERSEY CORPORATION (FORMERLY KNOWN AS SUMMIT PROMOTIONS, INC.), HARRY ROSENBLUM AND BARRY ROSENBLUM, PLAINTIFFS-APPELLANTS, v. JACK F. ADLER ... [AND 426 OTHER NAMED DEFENDANTS LISTED IN THE COMPLAINT], INDIVIDUALLY AND AS PARTNERS TRADING AS TOUCHE ROSS & CO., SEVERALLY AND IN THE ALTERNATIVE, DEFENDANTS-RESPONDENTS. H. ROSENBLUM, INC., A NEW JERSEY CORPORATION, SUMMIT GIFT GALLERIES, INC., A NEW JERSEY CORPORATION (FORMERLY KNOWN AS SUMMIT PRODUCTIONS, INC.), HARRY ROSENBLUM AND BARRY ROSENBLUM, PLAINTIFFS-RESPONDENTS, v. JACK F. ADLER ... [AND 426 OTHER NAMED DEFENDANTS LISTED IN THE COMPLAINT], INDIVIDUALLY AND AS PARTNERS TRADING AS TOUCHE ROSS & CO., SEVERALLY AND IN THE ALTERNATIVE, DEFENDANTS-APPELLANTS.

The Supreme Court of New Jersey.

Decided June 9, 1983.

Attorney(s) appearing for the Case

Bradley R. Brewer, a member of the New York bar, argued the cause for appellants and respondents H. Rosenblum, Inc., etc., et al. (Cummins, Dunn & Pashman, attorneys; Donald Horowitz, of counsel).

Leon P. Gold, a member of the New York bar, argued the cause for respondents and appellants Jack F. Adler, et al. (Schneider, Schneider & Balt, attorneys).

The opinion of the Court was delivered by SCHREIBER, J.

This case focuses upon the issue of whether accountants should be responsible for their negligence in auditing financial statements. If so, we must decide whether a duty is owed to those with whom the auditor is in privity, to third persons known and intended by the auditor to be the recipients of the audit, and to those who foreseeably might rely on the audit. Subsumed within these questions is a more fundamental...

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