NY High Court Nixes Hedge Fund Fraud Suit V. PwC

Law360, New York (June 29, 2010, 7:15 PM EDT) -- New York state's highest court ruled 5-1 on Tuesday to affirm the dismissal of a suit that alleged accounting giant PricewaterhouseCoopers LLP misled investors in a now-defunct hedge fund by issuing fraudulent audits of the fund.

The Court of Appeals for the State of New York ruled that the claims of the investors, who were limited partners in the fund, were pursued in separate litigation on their behalf by a trustee, precluding them from filing their own suit against PwC for the same claims.

The plaintiffs...
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