On December 20, 2022, the Court of Appeals of Ohio, Fourth District, affirmed a trial court summary judgment order dismissing claims against the accounting firm Fox, Byrd & Company, P.C. brought by investors in Fox Byrd’s client, holding that the investors were not among the limited group who could assert a negligent misrepresentation claim under Restatement (Second) of Torts § 552 and that the investors did not justifiably rely on the financial information compiled by the firm.  The Court of Appeals explained that evidence adduced by plaintiffs that Fox Byrd had “general knowledge” that its client’s business had investors was insufficient to establish a duty under the Restatement standard, which instead requires that the accounting firm “be manifestly aware that a third party would rely upon the accountant’s representation for a specific purpose, or that [the client] would provide the financial documents to third parties to influence investment decisions.”  Further, there was no genuine issue of material fact as to the investors’ reasonable reliance because the compilations contained disclaimers explaining that they were not audited and that Fox Byrd was not providing any assurances or opinion regarding the financial information contained therein.  The case is Addison Holdings, LLC v. Fox, Byrd & Company, P.C., Case No. 21CA8  (Ohio Ct. App. Dec. 20, 2022).  A copy of the decision is attached.