Chevron Chemical Company v. Deloitte Book Reviews

Chevron Chemical Company v. Deloitte by Court of Appeals of Wisconsin Book Summary

MOSER, P.J. Deloitte & Touche (Deloitte), a Delaware partnership, appeals from a judgment granting Chevron Chemical Company
(Chevron) the sum of $1,646,106 in damages, plus double costs 1 and disbursements of the action. The judgment from which
Deloitte appeals is based upon an order entered January 18, 1991, (1) granting judgment notwithstanding the verdict on a claim
of negligent misrepresentation, (2) changing the jury's answer to a special verdict question on a claim of intentional misrepresentation
to favor Chevron rather than Deloitte, and (3) setting the dollar amount of damages to Chevron in the absence of a determination
by the jury. We hold that because the trial court was incorrect in its initial refusal to grant summary judgment on negligent
misrepresentation to Chevron, the subsequent judgment notwithstanding the verdict was correct. Further, we hold that because
the amount of damages was contested at trial, the trial court may not determine the amount of damages. Therefore, the judgment
of the trial court is affirmed in part and reversed in part, and remanded to the trial court with instructions for trial on
the issue of damages. The American Fuel & Supply Co., Inc. (AFSCo), a company that distributed motor oil, automotive supplies, hardware, and
lawn and garden merchandise, hired Deloitte (then Touche Ross & Co.) in the capacity of independent auditor. Deloitte
prepared an audit report, dated February 28, 1986, on the December 31, 1985, financial statements (the 1985 financials) of
AFSCo. The 1985 financials contained and compared information based upon AFSCo's December 31, 1984 and 1985 balance statements,
income statements, statements of changes in financial position and various other materials. One hundred printed copies of
the 1985 financials were delivered to AFSCo, which in turn distributed them to its creditors. Chevron was the second largest
trade creditor (unsecured) of AFSCo.

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