Ladmer v. United States

recognizing securities fraud claim against accounting firm based on materially false representations contained in opinion letter | 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 | trial court should determine the most reasonable placement of the burden of proof, with the plaintiff traditionally assuming the burden of demonstrating causation and with only unusual circumstances causing a shift in the burden from the plaintiff to the defendant | the standard for scienter includes recklessness | five minute recess, specific prejudice necessary | discussing federal policy on the issue | the standard for scienter includes recklessness