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04/11/89 LINDNER FUND v. MICHAEL D. ABNEY

April 11, 1989

LINDNER FUND, ET AL., APPELLANTS,
v.
MICHAEL D. ABNEY, ET AL., RESPONDENTS



Appeal from the Circuit Court of St. Louis County, Hon. Kenneth M. Weinstock

Robert G. Dowd, Presiding Judge, Paul J. Simon, J. and Jean C. Hamilton, J. concur.

The opinion of the court was delivered by: Dowd

Robert G. Dowd, Presiding Judge

Lindner Fund, Inc. a d Lindner Dividend Fund, Inc. (hereinafter appellants) appeal the order dismissing their cause of action for failure to state a claim.

On October 7, 1986, appellants filed an action against Coopers and Lybrand, an accounting firm, and certain Coopers and Lybrand partners (hereinafter C & L or respondents) for negligence and gross negligence based on an investment appellants made in October of 1984. Appellants, which are both mutual funds, claim that they purchased certain securities in reliance on a financial statement of Texscan Corporation, a Phoenix-based company, which was certified by C & L in accordance with the Securities Exchange Act of 1934 and thereafter suffered damages. There were no allegations that appellants were clients of respondents or had any nexus with respondents. The negligence asserted involved C & L's certification of Texscan's 1984 annual report.

Appellants contend that the trial court erred in dismissing the petition because they properly pleaded the elements of negligence and gross negligence. The issue presented here is whether appellants pleaded a duty owed to appellants ...


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