I had lunch with some people I know one day sometime ago. There was an accountant in the group who suggested to me that a certain company was a good company to invest in. I invested twenty thousand dollars in that company – but within five months it folded. I lost every cent. Can I sue this accountant who advised me to invest in this company which failed?
You will find that ‘advice’ given over lunch does not constitute proper professional advice. From what you stated almost certainly you did not pay for the investment advice. It would have been different if you went to the accountant’s office and received a formal advice about investment in the company – especially if you paid for services rendered by the accountant including the investment advice. Of course, one has to examine closely on what basis the advice was given. For example, was there an exclusion clause, exempting from liability for any advice given? Was giving investment advice part of the normal professional work of the accountant? It is not likely you will succeed if the advice was given over lunch as part of a lunch conversation.