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By ALM Staff | Law Journal Newsletters |

Deepening Insolvency Is Not A Valid Theory of Damages For Negligence

The Third Circuit has dismissed a Chapter 7 trustee's malpractice and 'deepening insolvency' claims against the accounting firm for the debtor. The court found that the malpractice claim failed because the company was not harmed by its accountants' actions, and also because the deepening-insolvency claim was insufficiently supported by mere allegations of negligent conduct. Seitz v. Detweiler, Hershey and Associates PC (In re CitX Corp.), No. 05-2760 (May 26).

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