William D. Black

The respondents purchased shares in a company from Mader and subsequently sued Mader and the company's accountants, Peat Marwick Thorne, for misrepresentation and breach of fiduciary duty regarding the company's financial status.

The trial judge awarded damages against all defendants.

The accountants appealed.

The Court of Appeal allowed the appeal, finding that the trial judge erred in finding a fiduciary relationship and that the purchasers did not rely on the accountants' financial statements, having preferred to rely on Mader's assurances.