Reseña de Colonial Bank Alabama v. Ridley

Colonial Bank Alabama v. Ridley de Supreme Court of Alabama Resumen del Libro

HOUSTON, JUSTICE. The accounting firm of Ridley & Schweigert ("Ridley"), was employed by Leedy Mortgage Company, Inc. ("Leedy"), to audit
financial statements for its fiscal years ending April 30, 1979, 1980, and 1981. In 1982, the accounting firm of Jamison,
Money, Farmer & Company ("Jamison"), replaced Ridley and audited financial statements for Leedy for the fiscal years
ending April 30, 1982 and 1983. The annual financial statements were audited by Ridley and Jamison at Leedy's request only,
and, although Leedy was provided with multiple copies of each year's audit, neither Ridley nor Jamison was requested to, or
did, provide copies of the audits to anyone other than Leedy. In the course of auditing the financial statements for Leedy,
Ridley and Jamison requested that Colonial Bank of Alabama ("Colonial"), one of a number of Leedy's creditors listed on the
financial statements, complete certain standard bank confirmation inquiries, as part of Ridley's and Jamison's normal procedures
in performing audits. Leedy furnished Colonial with a copy of each of the annual audits. Between 1979 and 1983, Colonial made
substantial loans to Leedy. Leedy eventually defaulted on those loans and filed a petition in bankruptcy court. Colonial suffered
a loss of approximately $2,500,000.

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