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Imputation Doctrine No Longer Shields Negligent Auditors
A recent New Jersey Supreme Court decision interpreting the longstanding "imputation doctrine" may dramatically affect relationships between corporations and their outside auditors. The case held that shareholders of defunct corporations may now pursue third party actions against accountants for negligent failure to detect corporate fraud. The court held that reliance on the imputation defense is not available to those "who contributed to the misconduct," which includes third parties who are negligent.N.J. Court Orders Changes to Affidavit of Merit Jurisprudence
The New Jersey Supreme Court last week enunciated a bright-line rule against knee-jerk dismissal of professional malpractice cases over technical noncompliance with the Affidavit of Merit statute.McShane v. New Jersey Manufacturers Ins. Co.
In calculating the underinsured motorist (UIM) benefits available to a claimant whose bodily injury claim exceeds all available insurance recovery, the amount recovered by the claimant's insurer on its subrogated claim for property damage payments may not be credited against the claimant's UIM coverage � only the amount paid to the insured as damages for bodily injuries can be credited against his UIM policy benefits.Attorney Advertising Can't Use Baseless Scare Tactics
Lawyers are not permitted to scare up business by criticizing judges or invoking the Internal Revenue Service without a factual basis, say two New Jersey Supreme Court committees. The committees, which address professional ethics and attorney advertising, issued a joint opinion barring attorneys from using baseless scare tactics, such as one ad that tells readers the IRS will "simply seize your assets and sell them at auction."Open-Ended Malpractice Liability
Legal malpractice attorneys say a new appeals court ruling has taken the law into dangerous territory -- allowing defendant lawyers to seek contribution from predecessor counsel against whom claims were dismissed, no matter how long ago.Town Can Use Eminent Domain for Open Space Protection, Court Says
A New Jersey municipality did not abuse its eminent domain power by condemning 16 acres that had just received final subdivision approval for the building of new homes, the state Supreme Court held on Thursday.Trending Stories
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