Bernard Levine, Plaintiff-Respondent v. Wiss & Co. and Herbert Rudnick, Defendants-Appellants

Summary

The Supreme Court of New Jersey affirmed the Appellate Division, holding that an accountant appointed by the court to value a business interest is not immune from negligence liability and must adhere to the professional standard of care applicable to accountants. The Court distinguished the accountant’s role as that of an appraiser, not an arbitrator, and applied the Restatement (Second) of Torts standard of care. A dissent argued that the majority’s decision undermines arbitration policy and that the accountant should be immune.