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State v. United States Steel Corp.6/24/1996
interest" requirement by a second, simpler means: the defendant otherwise has an actual pecuniary interest in the transaction in which he or she supplies the information. Hence the provision for applicability "in any other transaction in which [the defendant] has a pecuniary interest." The "in the course of his [or her] business, profession or employment" means satisfies the "pecuniary interest" requirement by a presumption that, if a defendant supplier of information supplies information in the course of his or her business, profession, or employment, the defendant necessarily has a pecuniary interest in the transaction. By contrast, the "other transaction in which [the defendant] has a pecuniary interest" means is satisfied simply when the defendant actually has a pecuniary interest in the transaction. By these two means, section 552 effectively collects within its scope all suppliers of information who possess a pecuniary interest in a transaction in which they supply information for the guidance of others, whether they profit directly from providing the information, or whether they profit indirectly, by the consummation of a transaction in which they have a direct pecuniary interest.
Therefore, the "in the course of his [or her] business, profession or employment" language does not constitute an implicit requirement that all defendant suppliers of information be in the business of supplying information. They must merely profit by supplying the information. To read section 552 as requiring all defendant suppliers of information to be in the business of supplying information would effectively render superfluous the phrase "or in any other transaction in which [the defendant] has a pecuniary interest" and imprudently ignore the focus emphasized by the commentary.
ii. the rationales used in case law from other jurisdictions cited by USX in support of its position are flawed
Second, the reading of section 552 urged by USX finds support in only one jurisdiction, and the development of the reading of section 552 in that jurisdiction does not indicate a cogent rationale supporting the reading. As previously indicated, in Moorman, the Illinois Supreme Court held that the economic loss doctrine does not apply to actions based on intentional and negligent misrepresentation. The Moorman court, however, specifically held that:
As discussed above, the UCC provides the proper framework for a purchaser's recovery of economic losses. Allowing an aggrieved party to recover under a negligence theory for solely economic loss would constitute an unwarranted infringement upon the scheme provided by the UCC. We have already concluded that plaintiff, in this case, has suffered solely economic loss. Consequently, it cannot recover damages under a negligence theory.
This court has held that economic loss is recoverable where one intentionally makes false representations ( Soules v. General Motors Corp. (1980), 79 Ill. 2d 282, 37 Ill. Dec. 597, 402 N.E.2d 599), and where one who is in the business of supplying information for the guidance of others in their business transactions makes negligent representations ( Rozny v. Marnul (1969), 43 Ill. 2d 54, 250 N.E.2d 656). Neither of these cases, however, implied that economic loss was recoverable for innocent misrepresentation.
Moorman, 435 N.E.2d at 452 (emphasis added). Although Rozny v. Marnul -- the case relied upon by the Moorman court for the proposition that a cause of action founded on negligent misrepresentation that is exempt from the economic loss rule is limited to those situations where the defendant is in the business of supplying information -- concerned the misrepresentations of a surveyor, who could be
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