Facts
X. acquired shares in the holding company [Z. AG] in 1976. [Y.] acted as the audit body for the Swiss companies of the [Z.] group. In 1978, [Y.] provided X. with accounting documentation indicating a loss of 4.643 million francs for the subsidiaries of Z. AG. Based on this, X. initiated negotiations with the creditor banks. In June 1978, new accounting discrepancies were discovered, but [Y.] assured that all major items had been verified. On June 26, 1978, the capital of [Z. AG] was increased, with the new shares subscribed by the company [N. AG] controlled by X. In October 1979, the bankruptcy of [Z. AG] and its subsidiaries was declared. X. was then called upon to honor his personal guarantee. In 1982, [N. AG] assigned its claims against [Y.] to X. based on the liability provided for in the CO (CO). X. then brought an action for payment of 5.5 million francs against [Y.], which the Commercial Court of the Canton of Zurich rejected in 1985. On appeal by X., the Federal Tribunal annulled this judgment and remanded the case for a new decision, considering that [Y.] could be held liable on the basis of a mandate. However, the Federal Tribunal excluded any liability of [Y.] under Art. 752 CO (prospectus liability) and Art. 754 CO (liability of the audit body).Considerations
Regarding the liability of the audit body (Art. 754 CO), the Federal Tribunal considers that the accounting documentation…