Anderson
Anderson v. Deloitte & Touche LLP
Opinion
Opinion
Haning, J.
In this consolidated appeal, plaintiffs and appellants Judy Anderson et al. appeal a summary judgment in favor of defendant and respondent Deloitte & Touche LLP in appellants’ action for intentional and negligent misrepresentation, and violation of California securities statutes.
Background
Vintech, Inc., is a California corporation specializing in research, analysis, acquisition, management and development of agricultural property. Its sole owner is Donald D. Bade (Bade). Between April 1988 and May 1990 Vintech, Inc., and Bade (collectively, Vintech) sought investors for four limited partnerships of which they were the general partners. The objectives of the limited partnerships were to (1) purchase four existing wineries: Lyeth, Domaine Laurier, Mazzocco, and Jekel; (2) generate cash from operating the wineries; and (3) realize capital appreciation upon sale of the wineries. Minimum investment in a limited partnership unit was $25,000.
Vintech made information and disclosures regarding the limited partnerships available to prospective investors by way of a confidential offering memorandum (COM). The COM’s stated they were prepared by Vintech’s attorneys, and that…