At 1:30 the Court will hear Wallace Construction Co., Inc. Thomas Wallace and Janette Wallace v. McArthur, Thames, Slay & Mews, PLLC involving accounting malpractice.
Thomas Wallace owned Wallace Construction. In 2007 he retired and let his employees run the company. According to Wallace, between 2007 and 2011, top employees charged $3.7 million of personal expenses were to Wallace Construction and Wallace ended up losing his business. He filed suit against his accounting firm alleging that it should have discovered all of the fraud and theft. The trial court excluded the Wallace’s causation expert Ralph Summerford and then granted summary judgment for the accounting firm based on a lack of expert evidence. On appeal Wallace argues that expert testimony is not always required, that the testimony of Thomas Wallace should have been sufficient to overcome summary judgment, and that the court erred in excluding Summerford’s opinion. The accounting form cross appealed arguing that the court should have dismissed the complaint on the basis of the statute of limitations, that the trial court erred in limiting discovery of company information to June 30, 2012, and that the court erred in denying discovery of the Wallace’s personal accounts.
Watch the argument here.