Ladmer v. United States

How later courts describe this case

• recognizing securities fraud claim against accounting firm based on materially false representations contained in opinion letter
• accounting firm liable under section 10(b) for misrepresentations made as to tax consequences of investment in tax opinion letter designed to influence the investing public
• making misrepresentations to the fact finder is inherently obstructive for the purpose of a criminal contempt finding because it frustrates the rational search for the truth
• plaintiff in a Rule 10b-5 action should not recover damages when the defendant’s wrongful action had no relationship to the plaintiff’s loss
• in class action for common law negligence, neither party indicated that a particular state law should govern
• The court recognized certain limited situations where an accounting firm may be liable to parties who are persuaded and rely upon their advice
• Ute exception applied to claimed misrepresentations in and omissions from tax opinion letter
• five minute recess; per se violation but harmless error analysis used