This section contains the nature of the case and procedural background.

Investors from Texas, Young (Ps) deposited $500,000 in a South Carolina bank. The bank had falsified its financial statements, and all deposits were lost. Price Waterhouse - Bahamas had issued an unqualified audit letter regarding the bank that was relied on by the plaintiffs in making their deposit. Price Waterhouse - U.S. was not involved in the transaction regarding the South Carolina bank and claimed no partnership between the U.S. and Bahamas as they were separately organized. Both Price Waterhouse operations shared the same trademark, but presented no other outward assertions that they were linked.

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