Accountants for Company Not Liable to Terminated Employee

Business Valuation Update BVLaw
Legal and Court Case Update
January 20, 2000
6282 Investment Advice
523920 Portfolio Management
ESOP valuations
fair market value (FMV), minority interest, employee stock ownership plan (ESOP), stock purchase agreement

Parrott v. Coopers & Lybrand, L.L.P.
263 A.D.2d 316,2000 N.Y. App. Div. LEXIS 461
State Court
New York
Supreme Court
Coopers & Lybrand


This accountant malpractice action arose as a result of the plaintiff's efforts to obtain a higher price for his 40,500 shares of stock of Pasadena Capital Corp., an investment advisor firm.

See Also

Parrott v. Coopers & Lybrand, L.L.P.

At issue is the valuation of employee's stock after termination and breach of fiduciary duty by the majority shareholder.